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New HL fee structure from 01/03/26
Comments
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Only reason you would be even thinking to take SIPP fees out of GIA is if you're hitting the annual allowance or earning limit. Putting cash into the SIPP for fees benefits from tax relief first so has greater value for lower cost.
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General Investment Account, HL Fund and Share account is one of those
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Or if you have reached 75 and so not allowed to make further contributions.
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Arguably it would still be more tax efficient to have fees taken from your SIPP, since this would not constitute taxable pension income, so it gives you more net tax relief from the money you have contributed previously. Once you reach the requisite age, the name of the game is getting as much tax free cash out of the pension as you can.
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We don't need to get money out of our SIPPs. We already have income far in excess of what we can spend. If we take cash out where do we put it, not in our ISAs as we still max those out every year. We also put more far than that into GIAs each year and our tax bills keep rising. In the SIPP it can sit quietly accumulating without bothering the taxman. We are far from unique.
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Scottish Widows Share Dealing seems to be the obvious choice - no fee to hold, dividends pay away much quicker than HL, and only £5 to sell.. however there would be an exchange fee of I think 1.5% for sales which will eat into things a bit.
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I suppose if you have more income than you can spend, have nobody you'd gift it to, and ultimately it will be left to charity, then it makes little difference from a tax perspective.
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I don't think the post you replied to is suggesting taking out a lot yet
As an example, suppose there is an investment platform with annual fee of £200, which can come from either adding new cash outside the SIPP, or letting it be taken from new money or income arising within the SIPP
Some people might say they want the SIPP to roll up as much as possible, but on the other hand the latter approach means effectively that £200 has been removed from the SIPP without being taxed
So it's worth £40 or £80 a year. Maybe not much money for some folks, but more than nothing
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Apologies for my ignorance but - my HL S&S ISA consists of HL funds, so If I were to transfer it, do they just sell the funds and the balance would be transferred to my new platform as a cash amount for me to invest?
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You could transfer as cash.
Or you could switch your HL investments into something that is transferrable, before setting up the transfer.
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