What's Tax Free / What's Not

subjecttocontract

Can someone advise which of the following items are tax free or not please
1. Nationwide fairer share payment.
2. Nationwide thank you bonus.
3. Bank switching bonuses.
4. Savings platform bonuses e.g. Raisin summer loyalty & introduce a friend bonuses etc.
5. Solar panel electric export to grid payments.
6. Shareholder perks e.g. Money off vouchers.
7. Supermarket bonuses e.g. Tesco clubcard, Asda, Iceland, Christmas bonuses etc.

Rodders53

1. Taxable. NW say its interest. Fairer Share Payment Terms 2025 | Nationwide
2. Taxable most probably. The Big Thank You Terms and Conditions | Nationwide

3-6 {Dunno without research, which I'm sure google and bing will help you with.}

7. HMRC treat as a discount on purchase so not taxable (unless received as part of a business transaction with the retailers where it may be different.).
8. Same as 7 with Cashback from credit cards and suchlike.

subjecttocontract

I checked....
3. & 4. are taxable
5. Is tax free.

Albermarle

subjecttocontract said:

I checked....
3. & 4. are taxable
5. Is tax free.

Cashback incentives to transfer bank accounts, ISAs, pensions etc. are not taxable, AFAIK.
They are treated by HMRC as a rebate/discount, and not as income- same as with credit card cashback. 
This is as long as it is a personal incentive, and you are not involved in some kind of related business.

subjecttocontract

Albermarle said:

subjecttocontract said:

I checked....
3. & 4. are taxable
5. Is tax free.

Cashback incentives to transfer bank accounts, ISAs, pensions etc. are not taxable, AFAIK.
They are treated by HMRC as a rebate/discount, and not as income- same as with credit card cashback. 
This is as long as it is a personal incentive, and you are not involved in some kind of related business.

I don't understand. I was referring to bank account switch incentives (point 3 on my list) which are typically £150-£200 and which HMRC regard as income according to the web so are taxable income. Are you talking about some thing else ?

anniecave

subjecttocontract said:

Albermarle said:

subjecttocontract said:

I checked....
3. & 4. are taxable
5. Is tax free.

Cashback incentives to transfer bank accounts, ISAs, pensions etc. are not taxable, AFAIK.
They are treated by HMRC as a rebate/discount, and not as income- same as with credit card cashback. 
This is as long as it is a personal incentive, and you are not involved in some kind of related business.

I don't understand. I was referring to bank account switch incentives (point 3 on my list) which are typically £150-£200 and which HMRC regard as income according to the web so are taxable income. Are you talking about some thing else ?

 i can't see any websites that confirm specifically with a link to HMRC that they are taxable. There's quite a few websites saying they aren't. 

What part of a tax return would they be declared under if they were taxable? They aren't "interest from UK banks or building societies" and they aren't income from employment or self employment.  So if I had to put them somewhere I would think they would count under my "trading" allowance alongside the small amount I get from mowing my neighbours lawn and other income I've received from doing surveys etc, the combined of which is less than £1000 so I wouldn't be paying tax on that even if so? 

Albermarle

I have received a few thousands in cash back from switching pensions and ISA’s, and none of it has ever been reported as taxable income to HMRC by me or the provider.
There have been many threads about cashbacks in the savings and pensions forums, and not one has ever mentioned any tax issues.