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  • monthly fee waived for bank accounts - taxable?

    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.