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Co-op bank switching/tax liability
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Steve_xx
Posts: 6,979 Forumite
Last year the Coop launched a switching incentive:
https://www.co-operativebank.co.uk/about-us/press-release/2024/the-co-operative-bank-launches-new-150-switch-and-save-offer/
There was £150 worth of incentives for switching and opening a Regular Saver account.
Does any of this need to be declared on a HMRC self assessment form, and if it does, does it get lumped into the "interest on savings" category, or does it get declared elsewhere on the form?
https://www.co-operativebank.co.uk/about-us/press-release/2024/the-co-operative-bank-launches-new-150-switch-and-save-offer/
There was £150 worth of incentives for switching and opening a Regular Saver account.
Does any of this need to be declared on a HMRC self assessment form, and if it does, does it get lumped into the "interest on savings" category, or does it get declared elsewhere on the form?
0
Comments
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Its not interest. Needs declaring nowhere.0
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I've never had to pay tax on switch incentives, so I don't think you need to declare it. I think it counts as cashback.0
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