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Posted Tue, 28 May 2024 10:23:29 GMT by reimondo
I received cash rewards from an overseas bank due to opening a new account and invested in their product. I went through SA106 but am not sure where I should park this income because: 1. The cash rewards were not due to savings; 2. The cash rewards were not dividends. Since it is a foreign bank, it also seems not suitable to put it in SA101. May I ask for your advice. Thank you!
Posted Fri, 31 May 2024 15:32:15 GMT by HMRC Admin 19 Response
Hi,

The incentive to open the account is not taxable, as it is a one off payment.

Thank you.

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