Post by ragtagarmy on Mar 22, 2018 19:48:35 GMT
With regard to the cashback on initial investments, I believe from the statement posted in point 2, unless you think it is not current, that they are fully tax free:
In general, ordinary retail customers purchasing goods, investments or services at arm’s length will not be liable to Income or Capital Gains Tax in respect of any commission, discounts or cashbacks received by them. For example, an ordinary retail customer who, when purchasing a car, negotiates to receive part of the commission earned on the sale by the salesperson will not be liable to Income or Capital Gains Tax in respect of that commission.
Whether or not I think it is current has no bearing on whether or not your interpretation is correct.
Whether or not it is actually cashback is the relevant question, regardless of what PM call it.
You want to check the phrasing of the offer of the payments you are specifically talking about, and seek clarification from PM if you can't find them.
If you received a fixed amount or % of your investment back for some reason or other then quite possibly it is cashback.
If you were paid 3% on your capital for 43 days while the investment run was completed then much less likely so. If you think about it you are being paid interest in the conventional sense, for something which happened BEFORE your money was used to make the purchase making it difficult to see how it could be cashback on the purchase and with no reason whatsoever to believe it isn't interest, which is taxable.
Interestingly
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