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Are Boost payments taxable
invuk
Posts: 76 Forumite
As this title says are boost payments taxable. The reason I ask is I have a couple of savings accounts which have these and have just noticed that on the prosper app it is saying the following for the Santander 3 month fixed account:
The boost payment is not treated as interest by HMRC and is instead treated like a cashback reward to open an account with Prosper. These payments are currently not taxable in the hands of the recipients because they are regarded as discounts and have been widely accepted not to be taxable income.
Any guidance on this would be much appreciated.
The boost payment is not treated as interest by HMRC and is instead treated like a cashback reward to open an account with Prosper. These payments are currently not taxable in the hands of the recipients because they are regarded as discounts and have been widely accepted not to be taxable income.
Any guidance on this would be much appreciated.
0
Comments
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If it is structured as a one-off incentive to open an account, then this analysis would be correct.1
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