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  • FIRST POST
    • pinklady21
    • By pinklady21 3rd Jan 18, 9:40 PM
    • 608Posts
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    pinklady21
    Savings account fees - tax deductible?
    • #1
    • 3rd Jan 18, 9:40 PM
    Savings account fees - tax deductible? 3rd Jan 18 at 9:40 PM
    Hello
    Quick question, trying to work out correct interest figure for SA tax return on a Santander 123 savings account.
    Each month there is gross interest and cashback coming in, and an account fee going out.
    Am I allowed to deduct the monthly account fee from the interest?
    Does the cashback count as interest?

    Apologies if this had been asked previously, I did a search but nothing came up.
    Thank you!
Page 1
    • BoGoF
    • By BoGoF 3rd Jan 18, 9:45 PM
    • 3,207 Posts
    • 2,523 Thanks
    BoGoF
    • #2
    • 3rd Jan 18, 9:45 PM
    • #2
    • 3rd Jan 18, 9:45 PM
    Fraid not......
    • pinklady21
    • By pinklady21 3rd Jan 18, 9:54 PM
    • 608 Posts
    • 422 Thanks
    pinklady21
    • #3
    • 3rd Jan 18, 9:54 PM
    • #3
    • 3rd Jan 18, 9:54 PM
    Thanks - didn't think the account fee would be deductible, heh ho.
    So, do I just put in the gross interest, and ignore the cashback?
    Thank you.
    • anniecave
    • By anniecave 4th Jan 18, 10:35 PM
    • 2,195 Posts
    • 707 Thanks
    anniecave
    • #4
    • 4th Jan 18, 10:35 PM
    • #4
    • 4th Jan 18, 10:35 PM
    cashback based on spending isn't taxable as per:






    http://www.telegraph.co.uk/finance/personalfinance/borrowing/creditcards/10027264/Will-I-have-to-pay-tax-on-credit-card-cashback.html
    Indecision is the key to flexibility.
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