The Cashback for Bank or Investment Accounts Discussion Thread

tg99

Account now been activated as confirmed by email along with another email confirming successful registration of the referral code. So I then clicked in the ‘start with a free stock’ green banner/button which then took me to deposit money….£200 by debit card and the free Nvidia share arrived instantly. Thks v much to the person who posted the offer link.

flopsy1973

https://forums.moneysavingexpert.com/discussion/comment/82000951#Comment_82000951

Didn't see anything there can I cancel it and start again ?

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82000976#Comment_82000976

My partner buggered it up much as you have. They used Settings, Leave XTB. Then started again with a different email address.

The referral code goes into this page after you click '+ Add code'

csw5780

XTB

Any opinions on the tax position of the share received as part of the promotion?

Interest? CGT?

Chaykin

Registered with the IGNVD code. Took about 2 hours to verify my identity - but did not have to upload any docs or take a selfie. Once verified I clicked on the free share offer and paid in £200 with a debit card. Received the free nVidia share immediately. Thank you!

So, regarding point 6.2 of offer T&Cs, how long are people thinking to keep the money and the share for?

soulsaver

I can't get debit card payment to work - it passes 2 factor approval then XTB say 'declined by financial provider'.

Santander say there is no isssue with my card and they have declined nowt. Tried other providers, same.

Used transfer as fallback, which likely won't appear at XTB until Tuesday.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82001125#Comment_82001125

Piece of string.

Was thinking about a week but my partner has expressed a wish to "maybe have a go at this share-dealing thing"….

I fear the worst.

redux

https://forums.moneysavingexpert.com/discussion/comment/82001087#Comment_82001087

It's a gift, from friends interested in your security

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82001087#Comment_82001087

Cashback, so tax free. In my accounting I have two transactions: 1., I take the opening position price as the cashback and then 2., buy the share with that amount. Then when I sell any subsequent change in price I treat as a capital gain or loss.

"When a customer, not carrying on a trade or property business, decides to take their business to one concern rather than another, they are not providing that concern with a recognisable service such as to bring them within the scope of the miscellaneous income sweep-up provisions."

https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim100210

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/82001087#Comment_82001087

It's treated as a promotional gift under £250 - no more or no less. What you decide to do with your free gift, is entirely up to you and has nothing to do with tax. Any interest earned should be included in your £1,000 personal allowance.