Interactive Investor SIPP Help

Steve_666_

I was also looking for something where I could set up a monthly DD, and forget about it. But with tax relief landing quite sporadic it is going to require me to log in and allocate that money in the 'extra investment this month' section.

You can over allocate, that is specify a monthly amount larger than the expect maximum amount that might be available. It will adjust down to the available funds

j_netprofit

Oh right I'm with you, so if I set up my regular investment for say £400 but my DD is only £250, it'll only take £250 is there. But then when the tax relief is added (£62.50?) it will take the full £312.50?

Sorry if I've misunderstood and that makes no sense!

Steve_666_

jay_ftw said:

Oh right I'm with you, so if I set up my regular investment for say £400 but my DD is only £250, it'll only take £250 is there. But then when the tax relief is added (£62.50?) it will take the full £312.50?

Sorry if I've misunderstood and that makes no sense!

Yes, and just so as you know, if you have more than one share/fund in the list, the first(#1) is the highest priority, so it the last or later funds that don't get top ups should the available cash be insufficient.

QrizB

Or, I guess, you could run a cash float at ii equal to a month's tax relief?

You'll end up with spare cash anyway if any of your regular investments are ones where you can only buy whole units, or if any of them pay dividends.

j_netprofit

Steve_666_ said:

jay_ftw said:

Oh right I'm with you, so if I set up my regular investment for say £400 but my DD is only £250, it'll only take £250 is there. But then when the tax relief is added (£62.50?) it will take the full £312.50?

Sorry if I've misunderstood and that makes no sense!

Yes, and just so as you know, if you have more than one share/fund in the list, the first(#1) is the highest priority, so it the last or later funds that don't get top ups should the available cash be insufficient.

Ahh that's great, good to know, I will adjust my investment amount now.

I suppose that is pretty much common practice amongst a lot of users then given the way the tax relief is added?

Yup, currently I only have one investment in there. 

j_netprofit

QrizB said:

Or, I guess, you could run a cash float at ii equal to a month's tax relief?

You'll end up with spare cash anyway if any of your regular investments are ones where you can only buy whole units, or if any of them pay dividends.

Definitely an option, however his only adds to my initial issue of having money in ii doing 'nothing'.

Steve_666_

jay_ftw said:

Steve_666_ said:

jay_ftw said:

Oh right I'm with you, so if I set up my regular investment for say £400 but my DD is only £250, it'll only take £250 is there. But then when the tax relief is added (£62.50?) it will take the full £312.50?

Sorry if I've misunderstood and that makes no sense!

Yes, and just so as you know, if you have more than one share/fund in the list, the first(#1) is the highest priority, so it the last or later funds that don't get top ups should the available cash be insufficient.

Ahh that's great, good to know, I will adjust my investment amount now.

I suppose that is pretty much common practice amongst a lot of users then given the way the tax relief is added?

Yup, currently I only have one investment in there. 

Yes, with the monthly contribution, the odd one off contribution, the tax relief and dividends, the amount for me varies month on month. I tend to check mine regularly and most often adjust/fine tune the values on the Tuesday before the first Wednesday, I don't see it as a chore.

dreamypuma

Steve_666_ said:

Usage tip, changing a DD value requires a lengthy form, which is odd because you can set them in seconds via the online portal. So what I do is to use the secure mail to request that the existing DD be deleted, its done within a day or two, then you can set the new up without the 6 page form.

Thanks I did just this on Friday and they replied later that day to confirm the DD has been cancelled. My account still shows my direct debit amount. Is this in line with the "day or two" you mention. I assume this is normal and will disappear soon?

I have my first free regular trading on 6th March, and would like to add more funds, without being debited on my scheduled date of 12th March (and sat in my account till April 6th)


Will set up a much smaller regular DD for future payments from here on.

j_netprofit

Right now and since 22/02 I've had £62 in cash in my account from basic rate tax relief
My DD of £250 is collected on the 12th 
I have a regular investment set up for £350, more than my £250 DD to ensure it mops up the tax relief
My free regular investment was supposed to be made today but the account is still sitting proud with £62 cash and now in the free regular investing page it says the next investment date is April 3rd?!

I've clearly done something wrong...?

MallyGirl

I'd just send them a secure message asking them why it didn't use the £62