The bank has paid more than four million customers on the first day of its rollout
The latest Fairer Share payments, totalling around £440 million and going to around 4.4 million eligible Nationwide members, are being paid from today. The bank says it is giving itself until June 30 to complete the remaining payments.
Stephen Noakes, Nationwide’s retail director, said: “We’ve made strong progress with this year’s Fairer Share payment, surpassing four million payments on the first day.
“We’re pleased to be able to reward eligible members with £100 for the fourth consecutive year, reflecting Nationwide’s strong financial position. ”However, the payments could have tax implications for some people. Nationwide said some people may be liable for income tax on the payment, depending on whether the total amount of interest they receive in the tax year is more than their personal savings allowance . The PSA allows people to earn interest tax-free up to certain limits.
The allowance enables basic rate taxpayers to earn £1,000 tax-free interest each tax year and higher rate taxpayers can earn £500 tax-free. Nationwide said the fairer share payments are treated as interest for UK income tax purposes. It is not required to deduct any tax from the payment, but it will report it to HM Revenue and Customs . The Society said that if people are in any doubt they should seek their own tax advice.
Nationwide has given itself until June 30 to complete the remaining payments. Fairer Share goes to eligible members using Nationwide for their everyday banking, alongside holding qualifying savings or mortgage products. This year’s payment was announced by Nationwide in May.
Please follow us on Google to support us Money Personal Finance National News Cost Of Living
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nationwide customers may be eligible for £100 bonus this weekMillions of eligible members are set to receive the cash as part of the building society's Fairer Share programme
Read more »
Millions of Brits to get free £100 tomorrow as part of Nationwide payoutThe bank is handing out payments to millions of eligible members
Read more »
Nationwide offering 'gifts' worth up to £289 as Fairer Share £100 payments landThe 'hidden in plain sight' offers launch as the Fairer Share payments begin to land in accounts
Read more »
Nationwide tax update after £100 Fairer Share payments to millionsNationwide confirmed that HMRC had been notified of the payments
Read more »