rzys
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Post by rzys on Apr 11, 2018 18:05:16 GMT
Does anyone know how the interest/cashback is treated for tax purposes?
It doesn't appear on my tax statement at all.
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hazellend
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Post by hazellend on Apr 11, 2018 19:38:07 GMT
It is non taxable
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rzys
Member of DD Central
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Post by rzys on Apr 11, 2018 20:09:45 GMT
Thanks, I was assuming that must be the case, but they don't make it very clear!
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Post by sirkillalot on Apr 13, 2018 17:36:23 GMT
I think they do not make it clear - as they are not prepared to provide any tax advice to investors. I also agree by not putting it on the tax statements it would appear that these items are not taxable.
However, I am still to be convinced on the position. My current thinking is as follows ...
Not Taxable
1/ 5% promo / Refer a Friend
- One off cashback so should not be taxable > seen as a discount on the purchase price
Unsure
1/ Immediate Income - paying equivalent dividends for a short perid (1/2 months)
- Could be considered as a discount on the purchase price but could also be considered as additional income
2/ Enhanced dividend - topping up dividends to 5% for 2 years
- Is this not considered an increased dividend payment ? Although I'm not sure if this would count as income or a dividend if it was taxable
3/ Auto-invest interest
- Is this not just an interest payment on a deposit (even if it is over a short period of time) ?
Maybe I'm just over thinking this - but would appreciate any more input from the group
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IFISAcava
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Post by IFISAcava on Apr 13, 2018 19:07:17 GMT
I think they do not make it clear - as they are not prepared to provide any tax advice to investors. I also agree by not putting it on the tax statements it would appear that these items are not taxable. However, I am still to be convinced on the position. My current thinking is as follows ... Not Taxable1/ 5% promo / Refer a Friend - One off cashback so should not be taxable > seen as a discount on the purchase price Unsure1/ Immediate Income - paying equivalent dividends for a short perid (1/2 months) - Could be considered as a discount on the purchase price but could also be considered as additional income 2/ Enhanced dividend - topping up dividends to 5% for 2 years - Is this not considered an increased dividend payment ? Although I'm not sure if this would count as income or a dividend if it was taxable3/ Auto-invest interest - Is this not just an interest payment on a deposit (even if it is over a short period of time) ? Maybe I'm just over thinking this - but would appreciate any more input from the group Just use the figures on the tax statement - you cannot possibly be criticised for taking the tax statement provided by the platform at face value
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