HL SIPP not receiving any tax relief

Scrounger

I usually make my occasional (lump sum) SIPP contributions on the 4th of the month (for all platforms eg HL, Fidelity, Vanguard).

Scrounger

molerat

Scrounger said:

heterodyne76 said:

First contribution was April 22nd then the 7th of each month after.

Your first tax relief will be paid on 21 July (qualifying date of 6 May) and monthly thereafter.

Your monthly contributions would be better paid on the 5th of each month (or before) as the cut-off date for the month is always the 6th.
Payments made on 7th will have to wait about 10 weeks for tax relief to be received.  Ouch.


Scrounger

Payments made in April, and up to 5th May, received the tax payment on 21st May. (From personal experience, my £2880 was paid in 28/4/24 and tax credited 21/6/24)

 

redped

HL's tax relief calendar is online at https://www.hl.co.uk/__data/assets/pdf_file/0010/124021/sipp_tax_relief.pdf

https://www.hl.co.uk/pensions/tax-relief explains about tax relief.

Scrounger

molerat said:

Scrounger said:

heterodyne76 said:

First contribution was April 22nd then the 7th of each month after.

Your first tax relief will be paid on 21 July (qualifying date of 6 May) and monthly thereafter.

Your monthly contributions would be better paid on the 5th of each month (or before) as the cut-off date for the month is always the 6th.
Payments made on 7th will have to wait about 10 weeks for tax relief to be received.  Ouch.


Scrounger

Payments made in April, and up to 5th May, received the tax payment on 21st May. (From personal experience, my £2880 was paid in 28/4/24 and tax credited 21/6/24)

 

Sorry @molerat, I made a mistake: @heterodyne76 's initial tax relief should have been paid on 21 June (and monthly thereafter).

@heterodyne76 , I would give HL a call tomorrow to chase this up (0117 9809926).


Scrounger

Dazed_and_C0nfused

Scrounger said:

molerat said:

Scrounger said:

heterodyne76 said:

First contribution was April 22nd then the 7th of each month after.

Your first tax relief will be paid on 21 July (qualifying date of 6 May) and monthly thereafter.

Your monthly contributions would be better paid on the 5th of each month (or before) as the cut-off date for the month is always the 6th.
Payments made on 7th will have to wait about 10 weeks for tax relief to be received.  Ouch.


Scrounger

Payments made in April, and up to 5th May, received the tax payment on 21st May. (From personal experience, my £2880 was paid in 28/4/24 and tax credited 21/6/24)

 

Sorry @molerat, I made a mistake: @heterodyne76 's initial tax relief should have been paid on 21 June (and monthly thereafter).

@heterodyne76 , I would give HL a call tomorrow to chase this up (0117 9809926).


Scrounger

As I understand it the op appears to have received the first tax relief payment and the next one isn't due for another week.

First contribution was April 22nd then the 7th of each month after. 

The app is showing an invested value of £410.53 and a cash value of £24.84 - so the cash value is the 7 week delayed relief from April? Thanks for clearing that up - I’m used to banking apps showing me transactions which the HL app doesn’t really show. 

lonsdale50

Re changing HL's regular (via DD) payment date earlier in the month before the 7th cutoff date:
 it appears that is not possible - as per hl website investment-services/invest-by-direct-debit
(oops - can't post the full link!)

• 7th of the month
  Direct Debit taken from your bank account. It may take 24 hours to show in your HL account
• 10th of the month
  Investments are made
  Dates are to the next working day, if they fall on a weekend or bank holiday.
  These dates can't be changed.

Obviously adhoc one-off payments can be timed appropriately.

Rich1976

The above is correct. HL only have one DD collection date, the 7th and this cannot be changed. It is a long time to wait for the tax relief especially as my workplace provider invests the tax relief on the same day as the contribution is received. Having said that and having been with HL for years, the tax relief has never not been paid .

squirrelpie

It seems that HL's system is designed to keep the tax refund out of your hands for as long as possible. Does anybody know why this should be so?

Rich1976

squirrelpie said:

It seems that HL's system is designed to keep the tax refund out of your hands for as long as possible. Does anybody know why this should be so?

What makes you think that?

Other Sipp providers take 6 or 7 weeks from what I’ve seen. Presumably it is HMRC which dictates the timescale.

ColdIron

They'll pay 3.51% AER while you're waiting