Nationwide fair share classed as interest

skycatcher

I was just preparing to do my tax return and gathering up info on interest paid and noticed that nationwide class their fairer shares payments as interest in the flex account.

Was i the only one not to know this?

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/6663367/nationwide-fair-share-classed-as-interest

Probably not the ONLY one, but yes - treated as any other interest on their savings accounts.

Isthisforreal99

You will be in the same boat as everyone that chose not to read what Nationwide sent out when they paid it last year.

eskbanker

This comes up each year:

https://forums.moneysavingexpert.com/discussion/6461376/is-nationwide-fairer-share-bonus-classed-as-tax-free-interest

skycatcher

Ok... Fair cop! I should have been aware.... At least i am now. Thanks guys.

HedgehogRulez

this is why I refuse the bonus each year, hate paying the tax

LHW99

https://forums.moneysavingexpert.com/discussion/comment/81956576#Comment_81956576

Even paying 45% tax, its surely a free £55 to give to charity if not needed personally?

subjecttocontract

https://forums.moneysavingexpert.com/discussion/comment/81956576#Comment_81956576

Is't that a bit like 'cutting off your nose to spite your face'. I think I'd rather have something after paying the tax instead of nothing at all ! Still we aren't all the same, the world is full of different people and if getting nothing instead of something floats your boat then good for you.

masonic

Whoosh, eh? 😉

TheTelltaleChart

Similarly, the Big Nationwide Thank You payment (£50, if you qualified) was also taxable and fell within the 2025-26 tax year.

It appears that this one counts as interest unless you only held an eligible mortgage when the payment was made, in which case it would be miscellaneous income. See "How was the payment treated for UK tax purposes?" in https://www.nationwide.co.uk/about-us/the-big-nationwide-thank-you/

aroominyork

https://forums.moneysavingexpert.com/discussion/comment/81956576#Comment_81956576

I am trying to understand what kind of person rejects free money – and I cannot think of a more literal example of free money – because they do not want to pay tax on it. So alongside tax avoidance of legitimately minimising your tax, and tax evasion of illegitimately not paying tax, we now have a third category of tax-nontheist of not receiving money if it might be subject to tax. Do such people have paid jobs?