Interactive Investor SIPP tax claims

aroominyork

HL say that if you pay into a SIPP by the 5th of the month you will receive the tax credit around the 23rd of the following month. Interactive Investor say (having spoken to them) that they have no monthly cut-off date, yet their website says tax will take between 6 and 11 weeks to be credited, which looks like there is a once monthly claim to HMRC. Does anyone have experience of this in practice?

jaybeetoo

The regular payment goes into our account on about the 12th and the tax relief is paid on about 22nd of the month 2 after. For example, pay in contribution on 12th July, tax relief on 22nd September.

SonOf

Does anyone have experience of this in practice?

Yes.

What you seeing is two ways of explaining the same thing. One with a bit more detail than the other. The platform/provider itself does not have a cut-off. So, II are correct. It can make multiple returns in a month or it can make just one. HMRC has a cut-off.

Those platforms that pre-fund the tax relief do so using their own money and get it back when HMRC pay them 6 or so weeks later.