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Banking cash reward program

DLHK2UK
Posted Mon, 04 Mar 2024 10:35:43 GMT by DLHK2UK
I participated in a banking promotion program which is the bank will grant a cash reward (about GBP550) to my bank account when I upgrade my bank account to Premier account. The reward is not an interest and only one-off. May I know is this "cash reward" taxable?
HMRC Admin 25 Response
Posted Wed, 06 Mar 2024 11:06:21 GMT by HMRC Admin 25 Response
Hi DLHK2UK,
Please refer to:
SAIM8020 - Annual payments: meaning of annual payment
Thank you. 

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