Big Nationwide Thank You

slinger2

Looks like Nationwide are giving millions of their members a £50 bonus next month.

https://www.nationwidemediacentre.co.uk/news/nationwide-pays-over-gbp-600m-to-members-as-a-big-thank-you-following-virgin-money-deal

Seems to be unrelated to the Fairer Share Payment.

Bigwheels1111

Just logged in, big blue banner at top of main screen.

Enjoy a £50 Thank you.  By 30th April.

flaneurs_lobster

slinger2 said:

Looks like Nationwide are giving millions of their members a £50 bonus next month.

https://www.nationwidemediacentre.co.uk/news/nationwide-pays-over-gbp-600m-to-members-as-a-big-thank-you-following-virgin-money-deal

Seems to be unrelated to the Fairer Share Payment.

I just wanted to be the first person to complain about this appalling waste of MY MONEY which will be given to any old Johnny Come Lately rather than proper loyal members...continued post 94...

WillPS

Lovely surprise. Thanks Nationwide.

lr1277

Yes a nice bonus.
Anyone know if this classed as interest for tax purposes?

flaneurs_lobster

lr1277 said:

Yes a nice bonus.
Anyone know if this classed as interest for tax purposes?

Well the Fairer Share Payment is/was so can't see this being any different.

I defer to m'learned poster 2 down.

Dizzycap

Bigwheels1111 said:

Just logged in, big blue banner at top of main screen.

Enjoy a £50 Thank you.  By 30th April.

Me too! Nice

WillPS

lr1277 said:

Yes a nice bonus.
Anyone know if this classed as interest for tax purposes?

Actually it's a touch more complicated than that, because of the potential to be eligible just by borrowing; for everyone else though it will be treated as interest.

https://www.nationwide.co.uk/about-us/the-big-nationwide-thank-you/

How is the payment treated for UK tax purposes?

The payment is a one-off share of our profits to members. The treatment of the payment for UK tax purposes depends on whether you are an investing member, a borrowing member, or both, when we make it.

If the member product or products you hold include at least one current account or savings account, you will be an investing member. If your member product, or products include a mortgage, you will be a borrowing member (see section 2 for more about member products).

If you are an investing member, or both an investing member and a borrowing member, when we make the payment, it is treated as interest for UK income tax purposes.

...

If you are only a borrowing member when we make the payment, we are taking steps to confirm how it is treated for UK income tax purposes, and you may be liable for tax. When we know we will put a notice on nationwide.co.uk/tax-terms.

Aidanmc

I dont see any banner on my Nationwide home page.

What is the terms to qualify?

wmb194

Hmmmm. I wonder whether this presages tougher requirements for the Fairer Share? Ie. the qualification criteria for this are so easy it’ll help to mollify people who won’t qualify under tougher Fairer Share criteria.

flaneurs_lobster

Aidanmc said:

I dont see any banner on my Nationwide home page.

What is the terms to qualify?

Click on the link in the post above yours