New: the mutual dividend

richard@imutual
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Re: New: the mutual dividend

Post by richard@imutual » Tue Apr 30, 2013 12:28 pm

roger wrote:The eagle-eyed amongst you might have noticed that HMRC is suggesting cashback paid by companies such as Hargreaves Lansdown on fund purchases should be taxed in the same way as dividends. The HL-type cashback principle is the same - it's your own money which is being refunded - and, if HMRC thinks it's worth having a go at firms such as HL, it might well try companies offering cashback on other purchases (including iMutual) next. Having said that, I don't see this happening imminently - certainly not within the next two years - if at all.
On this particular point, see the extract below from a recent Telegraph article about the HL issue:
We put Hargreaves' claim to HMRC. They dismissed it as "nonsense". A spokesman said: "There is no question of tax becoming payable on cashbacks received from credit, debit and loyalty cards or any other kind of cashback payment."
He said fund bonuses were taxable because they were a "further taxable distribution from the fund, but in a different form". There was, therefore, "no read-across to cashback".
So looks like we're safe for some time :)

cccashbacklover
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Re: New: the mutual dividend

Post by cccashbacklover » Tue Apr 30, 2013 2:18 pm

kevinchess1 wrote:Cashback companies take the view that cashback on purchases is a discount rather than income. free cashback is income and you shold declare it. :?

My understanding is and nothing has ever been said to the contrary when the Q has been asked on MSE is that only referrals are taxable, Cashback for no spend offers are classed as rewards for tasks undertaken.

I would welcome you posting a HMRC link or any other type of link which backs your statement as no Cashback Site has made that statement AFAIK, in fact to the contrary all Cashback Sites state "rewards"

Just out of interest have you gone over 2000.00 awarded from Imutual :?: There was a thread 1000.00 awarded hence my interest. :)
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rayf
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Re: New: the mutual dividend

Post by rayf » Tue Apr 30, 2013 2:35 pm

wish I had enough to worry about this :(
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kevinchess1
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Re: New: the mutual dividend

Post by kevinchess1 » Tue Apr 30, 2013 2:40 pm

My answer was based on what RY posted on Rpoints ages ago, I don't know if times have changed but in comment about 'Credit, debit and loyality cards you can argue that that is a discount and not earnt income.
Daily clicks and No spend cleary aren't
In answer to your other Q yes I hav :thumbup:
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kevinchess1
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Re: New: the mutual dividend

Post by kevinchess1 » Tue Apr 30, 2013 4:28 pm

When I was on self assement they wanted to know ALL my income down to the penny
Even Isa's and stuff.
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Sarah
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Re: New: the mutual dividend

Post by Sarah » Tue Apr 30, 2013 8:29 pm

You shouldn't be declaring income from ISAs on your self assessment. There's definitely no doubt about that!

kevinchess1
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Re: New: the mutual dividend

Post by kevinchess1 » Wed May 01, 2013 11:08 am

richard@imutual wrote:It's brand new and still in its shrink wrap. But if you want me to remove you from the draw to save you from the embarrassment of turning the prize down..... :twisted:

How can you removed me from a draw I'm not even in :?:
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cccashbacklover
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Re: New: the mutual dividend

Post by cccashbacklover » Wed May 01, 2013 11:22 am

kevinchess1 wrote:Cashback companies take the view that cashback on purchases is a discount rather than income. free cashback is income and you shold declare it. :?

http://www.telegraph.co.uk/finance/pers ... hback.html

"We put Hargreaves' claim to HMRC. They dismissed it as "nonsense". A spokesman said: "There is no question of tax becoming payable on cashbacks received from credit, debit and loyalty cards or any other kind of cashback payment."

Seems very clear to me >

"or any other kind of cashback payment." ;)
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Re: New: the mutual dividend

Post by Luke_PieStalker » Fri May 03, 2013 12:23 am

I've heard about people who get turned on by being wrapped in cling-film :shock:
Don't remind me. Popped in to see Kev last week about plans for the Rpoints Summer solstice and found him watching Jeremy Kyle, in the nude, completely wrapped in cling film. i said "I can see your nuts man!" and walked out.

Less said about that the better from now methinks. :shock:
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kevinchess1
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Re: New: the mutual dividend

Post by kevinchess1 » Fri May 03, 2013 7:23 am

Still can't convince her on the Solstice party 'What exactly happen then Keith?' she asked
'Well, we all take our family size boottles of Strongbow upto Stonehenge at midnight then dance and drink and party naked till the sun comes up :thumbup: '
'And is this a traditional way to celebrate the Summer Solstice?' SHE ASKED ME
WHO CARES :lol: I says :?
Last edited by kevinchess1 on Fri May 03, 2013 10:59 pm, edited 1 time in total.
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