Nationwide Bonus payments

BattyJ

A simple question…

Are the Nationwide bonus payments subject to tax?

eskbanker

BattyJ said:

A simple question…

Are the Nationwide bonus payments subject to tax?

Simple answer is in the FAQs:

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

elsien

It’s all in here.,
https://www.moneysavingexpert.com/news/2025/03/nationwide-thank-you-bonus-payment/#:~:text=The%20payment%20will%20be%20treated,you%20earn%20from%20your%20account.

WindfallWendy

Oh shucks!!!! Because I have a current account with them, I'm considered to be an investing member and therefore the £50 is to be counted as interest!!! Nooooooo!!!!!!

BattyJ

WindfallWendy said:

Oh shucks!!!! Because I have a current account with them, I'm considered to be an investing member and therefore the £50 is to be counted as interest!!! Nooooooo!!!!!!

Unfortunately it appears so At 40% HMRC will pilfer £20 from me…..

Dazed_and_C0nfused

BattyJ said:

WindfallWendy said:

Oh shucks!!!! Because I have a current account with them, I'm considered to be an investing member and therefore the £50 is to be counted as interest!!! Nooooooo!!!!!!

Unfortunately it appears so At 40% HMRC will pilfer £20 from me…..

Unless it falls into tapered Personal Allowance territory when it will be 60% 😳