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Posted Tue, 05 Sep 2023 11:51:07 GMT by Dan
Hi, I apologise if this has been posted elsewhere but I can't seem to find it. Are the rewards earned on a Natwest MyRewards account taxable income? The account costs £2 per month, 1.00 reward is refunded if the online banking is logged into and 4.00 rewards are received for setting up 2 different direct debits (2.00 rewards per direct debit). The rewards can they be exchanged for cash and sent direct to my bank account. The terms and conditions of the account state that the rewards hold no monetary value until they are exchanged. Would that mean that they aren't taxable until they're exchanged and then they do become taxable income or even when exchanged they still arent taxable income? Thank you.
Posted Thu, 07 Sep 2023 12:19:38 GMT by HMRC Admin 32

Please refer to guidance below and associated links.

SAIM8020 - Annual payments: meaning of annual payment

Thank you.

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