How long does it take II to reclaim tax relief?

fronty

Hey all,
I started my SIPP with II on 2nd December with a lump sum transfer from Standard Life, since then I've been making monthly contributions, the first one was 24th Dec, it's been 2 months now and I haven't seen any tax relief come in yet, does anyone know how long it takes II to reclaim the tax relief?
Coincidentally, I just logged in and I see a payment of £424 from Standard Life has come into my account today... maybe the tax relief got paid to them and they have just transferred it over. Hoping that going forwards I will see regular amounts coming in from HMRC now for my II contributions.
Also I got my £500 cashback from II so expecting to see some tax relief coming in for that too! But would still like to know how long it takes. 
Cheers.

drumtochty

As most of the transfer from Standard Life will already have the tax relief by now only small amounts will come in from that.

With regards to your contrinutions since 24th December, if they were direct from your employer they would have been paid in gross, therefore no HMRC contributions to be made.

If on the other hand these were personal contribution from your personl bank account, the HMRC contribution can take anything between 6 and 10 weeks from your contributions being made as  your first contribution was in the Christmas period, it is quite likely to take a bit longer.

Do yourself a favour and do not get hung up on the date when the HMRC contribution will be made. It will be paid when it is paid no sooner no later.

SonOf

Standard Life has come into my account today... maybe the tax relief got paid to them and they have just transferred it over. 
Standard Life prefund tax relief.  So,that is unlikely.  It could be a direct debit that arrived after the transfer.  Or dividends.

redpete

Think they said 8-11 weeks when I asked ii the other day.

IvanOpinion

Some information here
https://www.ii.co.uk/ii-accounts/sipp/faq#relief
"We will claim the basic rate of tax relief (20%) from HMRC. This will be credited to your SIPP between 6 to 11 weeks after you have made your contribution. We usually receive tax relief on or around the 25th of the month."

Albermarle

With regards to your contrinutions since 24th December, if they were direct from your employer they would have been paid in gross, therefore no HMRC contributions to be made.

If the employer operates a 'relief at source' system where employee pension contributions come out of net/taxed pay., then Tax relief will be due in the pension. 

fronty

Thanks all, these are personal contributions paid after tax. My employer pays into a different scheme (and also covers my employee contributions into that scheme, ie salary sacrifice).

The SL payment sounds like a dividend as someone else mentioned. I wonder if I'll see more payments from them throughout the year as my old funds go ex-divi (I had about 18 funds so suspect the dates could be spread throughout the year).

Don't like the text formatting of this new forum, have to keep adding extra blank lines to break up the paragraphs.

Cheers all.