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Posted Sat, 02 Mar 2024 00:15:38 GMT by tm chan
Hi there, Lloyds waives user's monthly fee if the user completes certain action the previous month. This is their FAQ about it. How do I waive the £3 monthly fee? To waive the £3 fee, you'll need to pay at least £2,000 into your Club Lloyds account in the calendar month for the following month's fee to be waived. Each month you pay in at least £2,000 you'll not be charged the fee. In reality, at the beginning of each month, Lloyds charges me £3 from the account then immediately (on the same day) puts the £3 back into it. So on my statements they shows a monthly pay in of £3 (and the monthly pay out of £3 too). My question is Does the monthly £3 taxable in this case? Thank you.
Posted Tue, 05 Mar 2024 11:58:06 GMT by HMRC Admin 21 Response
Hi tm chan,
No as they have basically reimbursed the fee that you have paid.
Thank you.
Posted Sun, 24 Nov 2024 02:40:02 GMT by Philip Lodge
How about Santander? Their £3 monthly fee is waived for 1 year as a £36 welcome bonus. This is a little bit different from Lloyds but can we treat it the same? Is this £36 income taxable and should we report this in the "other income" section?
Posted Thu, 28 Nov 2024 15:44:18 GMT by HMRC Admin 20 Response
Hi Philip,
Please refer to SAIM8020 - Annual payments: meaning of annual payment Characteristics of an annual payment
Thank you.
Posted Thu, 28 Nov 2024 16:46:00 GMT by Clive Smaldon
Not HMRC...its not income, you havent received it, its just been waived.

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