Co-op bank switching/tax liability

Steve_xx

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?

la531983

Its not interest. Needs declaring nowhere.

bioboybill

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.