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Are bank welcome rewards taxable?

Cheuk Hang Sin
Posted Fri, 06 Oct 2023 18:02:55 GMT by Cheuk Hang Sin
I received a 'REFUND - WELCOME REWARD' of GBP 500 into my UK bank account. Would this GBP 500 be counted as taxable income? Thank you.
HMRC Admin 20
Posted Fri, 13 Oct 2023 13:31:55 GMT by HMRC Admin 20
Hi Cheuk Hang Sin,

It depends if there are any 'ties'.
Please refer to guidance at SAIM8020 - Annual payments: meaning of annual payment and the associated links

Thank you.
Cheuk Hang Sin
Posted Sun, 15 Oct 2023 22:05:27 GMT by Cheuk Hang Sin
Dear HMRC Admin, Thank you for your response. From my understanding, the one-off 'refund - welcome reward payment' was not an annual payment, because it was not a recurring payment and not extended for more than a year. Since the 'refund - welcome reward' does not possess all four characteristics at the same time, should it be not classified as an annual payment? Thank you.
HMRC Admin 32
Posted Wed, 18 Oct 2023 13:17:14 GMT by HMRC Admin 32
Hi,

No, it should not.

Thank you.

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