Incentive Cash Reward Questions

Hi team, I have read all the information of SAIM8020, SAIM8030 and Statement of Practice 4 (1997), but still cannot find out if the following cash rewards are taxable in UK. Can you please further clarify? 1. Cash reward for putting new money to a new bank (From foreign bank) 2. Cash reward for foreign currency exchange (From foreign bank) 3. Cash reward for buying financial product (funds) (From foreign bank) 4. Cash reward for friend referral scheme of buying property (From local UK property builder) 5. Cash reward for putting new money to a new bank (From local UK bank) Thanks! 4.

Hi,
 

The guidance you have looked at is the relevant guidance. If you are  not sure then they will need to write in with full details of each transaction so we can review all the fact   . Thank you.

 

Hi team, below is the details of transactions, please review. 1. Cash rewarded by foreign bank for putting new money to the foreign bank account 2. Cash rewarded by foreign bank for currency exchange incentive program 3. Cash rewarded by foreign bank for buying financial investment product (funds) 4. Cash rewarded by UK local property builder for friend referral scheme for property purchase in UK 5. Cash rewarded by UK local bank for putting new money to bank account Thanks!

Hi team, have been awaiting for a response, if you could help to take a look? Thank you. Below is the details of transactions, please review. 1. Cash rewarded by foreign bank for putting new money to the foreign bank account 2. Cash rewarded by foreign bank for currency exchange incentive program 3. Cash rewarded by foreign bank for buying financial investment product (mutual funds) 4. Cash rewarded by UK local property builder for friend referral scheme for property purchase in UK 5. Cash rewarded by UK local bank for putting new money to bank account

Hi,
 

A response was given to your query on 14 June 2022 - The guidance you have looked at is the relevant guidance. If you are  not sure then they will need to write in with full details of each transaction so we can review all the facts . Thank you.