Do I Need to Pay Tax on the Bonus Received from Nationalwide?

Q. I have Just Received a Bonus Payment of £100 from the Nationwide Building Society. Do I Need to Pay Tax on this?

A: This bonus payment from the Nationwide is treated as normal bank interest for tax purposes, so it is taxable. However, in most cases it will be covered by your savings allowance of £1,000 (£500 for higher rate taxpayers). Taxpayers who pay income tax at 45% on savings do not benefit from a savings allowance, so they will have to pay £45 in tax on this bonus.

You will need to include this bonus in your 2023/24 tax return, if you normally complete one.

 

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