Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • FatherAbraham
    • By FatherAbraham 17th Jul 17, 11:19 PM
    • 765Posts
    • 588Thanks
    FatherAbraham
    Bank incentives are taxable income?
    • #1
    • 17th Jul 17, 11:19 PM
    Bank incentives are taxable income? 17th Jul 17 at 11:19 PM
    When one receives an incentive from a bank for opening a new bank account, such as 100, I presume this counts as taxable personal income?

    Warmest regards,
    FA
Page 1
    • xylophone
    • By xylophone 18th Jul 17, 1:13 AM
    • 25,371 Posts
    • 14,967 Thanks
    xylophone
    • #2
    • 18th Jul 17, 1:13 AM
    • #2
    • 18th Jul 17, 1:13 AM
    No - a switching incentive counts as a discount and is not taxable.

    http://www.moneysavingexpert.com/news/banking/2015/02/theres-never-been-a-better-time-to-switch-bank-the-10-need-to-knows

    Tax. The free cash for switching is tax-free, but interest is taxed like income tax, eg, at basic rate you lose 20% of it (higher rate 40%). So 100 free cash is 100, but 100 interest is 80 (60 at higher rate).
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

93Posts Today

1,571Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin