- Nationwide Building Society has disbursed approximately £440 million in its latest Fairer Share payments to around 4.4 million eligible members, with payments commencing from 10 June.
- Recipients have been warned that these payments, classified as interest for UK income tax purposes, may have income tax implications if their total interest earnings for the tax year surpass their Personal Savings Allowance ( PSA ).
- Basic rate taxpayers can accrue £1,000 in tax-free interest annually, while higher rate taxpayers are permitted £500.
- Nationwide is not required to deduct any tax from the payment, however it will report it to HM Revenue and Customs (HMRC). The Building Society has recommended members seek their own tax advice if they have any concerns.
- Since its inception in 2023, the Fairer Share initiative will have returned approximately £1.5 billion to members.
IN FULL
Nationwide pays £100 Fairer Share payments to millions of UK customers on first day of rollout
