Tuesday 26 March 2013

Loyalty Bonuses Taxed

Here's an interesting development.

The Telegraph reports that fund investors face paying income tax on "loyalty bonuses" paid by fund supermarkets from next week, after HMRC ruled that the payments are "annual payments" and should therefore be taxed as income, starting in the new tax year - April 6.

Does this set a precedent for HMRC to tax cashbacks/loyalty rewards offered by supermarkets and credit card companies?

HMRC said claims that cashback in other industries could be targeted next were "complete rubbish".

So then, clearly HMRC won't tax cashback schemes ever.

Tax does have to be taxing.

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1 comment:

  1. Stock phrase:-

    "There are no plans to..."
    a)Invade Iraq
    b)Invade Iran
    c)Continue to use Pacesetter/Lean in HMRC
    d)Supply horsemeat contaminated foodstuffs to schools & hospitals

    Yeah, wotever!