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Posted Sun, 09 Oct 2022 00:29:46 GMT by Shum
Hi, I had some "cash rewards" from a foreign credit card after spending, and the "cash rewards" can only be used to settle my credit card bill ( They can't be taken out as cash). Will this "cash reward" (less than £300) needed to be reported as foreign income in self assessment SA106 form? Thank you.
Posted Thu, 13 Oct 2022 15:16:58 GMT by HMRC Admin 20
Hi Shum,

Customer rewards and ‘cashback’.  Inducements or rewards offered to customers by a trade, profession or vocation might constitute annual payments chargeable to tax under ITTOIA05/S683, if they possess four characteristics - see examples 2 and 3 at SAIM8050.  
It is a question of fact in each case whether a payment has these characteristics.
‘Cashbacks’ can present difficult issues (see Statement of Practice 4/1997).

Thank you.

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