premium charge allowance
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rogerpalmtree
- Posts: 97
- Joined: Fri Apr 17, 2009 3:56 pm
just a quick question, do you get the premium charge allowance of 1000pounds to offset your charge back each year or once its gone are you destined to be paying a premium charge, (out of your own winnings) forever?
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
You get £1000 each year.
However it does not start for example on the 1st January.
Your best option is to email [email protected] and ask for your detailed breakdown in excel format. That will then show what premium charge you have been paying and how much of your allowance is left.
It is done on a rolling 60 weeks, so for example if 60 weeks ago i use the last £57.76 of my allowance, i would get that back this week and if my PC for this week was £58.76 I would actaully pay £1 PC.
If however this week my premium charge was 56.76 I would pay no premium charge and would have £1 allowance credit.
So next week which 60 weeks ago I took off for example and did no trading I would have therefore not used any of my allowance in that week but have £1 credit from last week. So if i were to next week incur 57.76 again i would pay 56.76.
Then the following week 60 weeks ago if i were to have used £5.67 of my allowance i would get that back.
So as you can see it is as clear as mud and basically the easiest option is to get you PC statement from BF and try and understand it.
However it does not start for example on the 1st January.
Your best option is to email [email protected] and ask for your detailed breakdown in excel format. That will then show what premium charge you have been paying and how much of your allowance is left.
It is done on a rolling 60 weeks, so for example if 60 weeks ago i use the last £57.76 of my allowance, i would get that back this week and if my PC for this week was £58.76 I would actaully pay £1 PC.
If however this week my premium charge was 56.76 I would pay no premium charge and would have £1 allowance credit.
So next week which 60 weeks ago I took off for example and did no trading I would have therefore not used any of my allowance in that week but have £1 credit from last week. So if i were to next week incur 57.76 again i would pay 56.76.
Then the following week 60 weeks ago if i were to have used £5.67 of my allowance i would get that back.
So as you can see it is as clear as mud and basically the easiest option is to get you PC statement from BF and try and understand it.
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rogerpalmtree
- Posts: 97
- Joined: Fri Apr 17, 2009 3:56 pm
thanks andy for your reply, (which I just read through bout 10 times. Think I get the general gist now. So you never recieve the 1000pounds in a lump sum again, (like people did when the premium charge first started) but you get it back incrimentally based, (in part) on something you did over a year ago... It's good to see BF make it easy for people to know whats going on. 
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Yeah thats right, you never get the £1,000 in a lump sum bar the time at which they started it (well back dated it). As as far as I remember although it was introduced in Sep 08 you had actually been paying PC for the previous 60 weeks, which wasn't what the company line was at the time as I don't think anyone within Betfair bar the accountants that were looking to make more money actually understood it.
I have email after email of Betfair assuring me I would pay nothing in the first week as I would have my £1,000 allowance to use up first. Well when mine and many others accounts were tapped into on that first Wednesday you can imagine we weren't best chuffed. Furthermore if I remember rightly they withdrwew the money during the middle of racing so several were caught with less than they expected in their account when doing a trade.
I got my apology for all the lies and rubbish I had been told and got myself a ban from the BF forum to boot!
So yup, you are exactly right, how much you pay this week depends upon what you did 60 weeks ago so if you only used £1.50 of your allowance 60 weeks ago you will only get £1.50 of your allowance back this week.
Took a while to get used to it but now I just view Tuesdays as working for Betfair
I have email after email of Betfair assuring me I would pay nothing in the first week as I would have my £1,000 allowance to use up first. Well when mine and many others accounts were tapped into on that first Wednesday you can imagine we weren't best chuffed. Furthermore if I remember rightly they withdrwew the money during the middle of racing so several were caught with less than they expected in their account when doing a trade.
I got my apology for all the lies and rubbish I had been told and got myself a ban from the BF forum to boot!
So yup, you are exactly right, how much you pay this week depends upon what you did 60 weeks ago so if you only used £1.50 of your allowance 60 weeks ago you will only get £1.50 of your allowance back this week.
Took a while to get used to it but now I just view Tuesdays as working for Betfair