Tax owed on cashback?

[giddings]

Like the pinned post says I just finished four switches in six months: PTSB —> EBS —> BOI —> Ulster —> KBC. Loan is just over €550k so total cash bonus was €26500 (11 + 11 + 1.5 + 3). Solicitor's fees still being finalised with outlays etc., but will be well under €5k.

Here's a basic question: do I owe tax on the €26500? Is it considered income, or capital gains, or something? I get €10 back on my credit card bill every month and I don't think tax is owed on that — and in principle the mortgage cashbacks feel like a similar type of payment.

 

[Bronte]

Well done you, want to tell us how you did it. Also how do you get the €10 back? I get points and then vouchers on mine.

 

[Protocol]

Income tax is paid on income.

These payments aren't income.

 

[giddings]

Well done you, want to tell us how you did it. Also how do you get the €10 back? I get points and then vouchers on mine.

I have a KBC card that pays back €10 / month, and one from Avantcard ("Rewards+") that pays back €12.

On how I did it — I followed advice in this forum from SeanOg and others. KBC was actually the trickiest and hardest to manage

 

[giddings]

Income tax is paid on income.

These payments aren't income.

Good point, thanks for that