Query about declaring 'balance cashback' on a GBP account through Wise

[PoundMan]

Hi folks, I am about to complete my tax return for 2023. I have totalled all my EU interest earned from Trade Republic, Advanzia and LightYear. I was given a gift of £2,500 in January 2023 from a UK-based parent, which I left sitting in my Wise GBP account, and I didn't convert it into Euros (€2853.62) until May 2023, when the exchange rates were more favourable. From January until May, I earned a small 'balance cashback' of £15.72 on the £2,500 sitting in my GBP account with Wise. Given that the figure is GBP rather than Euros, how do I declare this when completing my Irish tax return? I know the figure is minuscule, but I'd still rather ensure I keep everything accurate. I am not entirely sure if it is treated as deposit interest or if it is treated as traditional cashback that wouldn't need to be declared.

 

[T McGibney]

Nobody cares, literally.

If it's annoying you, return it as deposit interest.

 

[Corola]

Convert the GBP figure to EUR.

UK deposit interest calculated using yearly average GBP to EURO exchange rates

When calculating UK deposit interest can you use average GBP to EURO exchange rates for the year - or the specific rate on the day you received the money ? This can be quite admin heavy if getting monthly interest from multiple sources

www.askaboutmoney.com

 

[ClubMan]

Nobody cares, literally.

If it's annoying you, return it as deposit interest.

Totally agree. For a sum of less than €20 it's pointless worrying or doing anything about it. That's in the realm of rounding errors on payroll or tax return calculations.