Nationwide Big Thank You

V3cash

Hi I got 2x £50 for some reason, just waiting for an email saying it’s a mistake, has anyone else had this ???

TheBanker

V3cash said:

Hi I got 2x £50 for some reason, just waiting for an email saying it’s a mistake, has anyone else had this ???

Are any of the accounts joint accounts?

SnowDrop

I have not yet received the £50, only have a mortgage with Nationwide. 

SnowDrop

SnowDrop said:

I have not yet received the £50, only have a mortgage with Nationwide. 

Received this morning.

moneyworrier2021

Ive had an email to say I was entitled to the £50 but I forgot I ever had the account. I can't find the card either so what's my options? Could I go to a brach with my passport and withdraw the cash?

TheBanker

moneyworrier2021 said:

Ive had an email to say I was entitled to the £50 but I forgot I ever had the account. I can't find the card either so what's my options? Could I go to a brach with my passport and withdraw the cash?

Yes, take any proof of the account (e.g. old statements or passbooks), proof of your current address and details of any previous addresses you've lived at if you've moved since opening the account. This should speed things up.

jem16

Nationwide has now confirmed the £50 is to be treated as miscellaneous income and that you can possibly use the Trading and Miscellaneous Income allowance.

Does this apply to everyone or only those who are self-employed?

subjecttocontract

https://forums.moneysavingexpert.com/discussion/comment/81856758#Comment_81856758

Tax doesnt have to be taxing but it's comments like that from Nationwide that don't make the subject any easier to understand.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81856758#Comment_81856758

Better to quote the whole thing. That treatment looks to be only for people who qualified solely from holding a mortgage.

The standard approach to the taxation of dividends from building societies for investing members is to treat them as interest.

"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."

https://www.nationwide.co.uk/about-us/the-big-nationwide-thank-you/terms/#8-how-is-the-payment-treated-for-uk-tax-purposes

"372 Building society dividends

(1)Any dividend paid by a building society is treated as interest for the purposes of this Act."

https://www.legislation.gov.uk/ukpga/2005/5/section/372

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

jem16

https://forums.moneysavingexpert.com/discussion/comment/81857022#Comment_81857022

Thanks. I should have read it more carefully.