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? 😉

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?

sammy_zammy

https://forums.moneysavingexpert.com/discussion/comment/81956868#Comment_81956868

Only situation I could see this being useful would be to avoid entering the higher tax bracket, at which point the personal savings allowance drops to £500…

(which naturally saves you £100 of tax, equal to the Nationwide fairer share payment!)