James

A high street bank is currently offering a cash reward for anyone that successfully refers friends or family to switch their current account to the bank. This reward is paid as cash directly into the referees bank account. Is such income taxable? I ask because there seems to be a lot of conflicting information about whether or not such income is taxable, including on this forum. One post on this forum suggests it is only taxable if it constitutes an annual payment, as defined here (https://www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim8020). Is this correct?

Hi there, A high street bank is currently offering a cash reward for anyone that successfully refers friends or family to switch their current account to the bank. This reward is paid as cash directly into the referees bank account. Is such income taxable? I ask because there seems to be a lot of conflicting information about whether or not such income is taxable, including on this forum. One post on this forum suggests it is only taxable if it constitutes an annual payment, as defined here (https://www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim8020). Is this correct? Kind regards,