Transfer Sipp from HL to Fidelity

blue_eyes

https://forums.moneysavingexpert.com/discussion/comment/81863408#Comment_81863408

250,000 is not charged at the 0.35% but at the 0.2% rate [if you insist on wholly funds or the proportion of the 250k that is funds, AIUI from other comments] since if you transfer enough to get that level of bonus you're in the next tier

soulsaver

https://forums.moneysavingexpert.com/discussion/comment/81863426#Comment_81863426

I have yet to look at her 'new' fees, she pays very little atm - but point taken :+1:

soulsaver

https://forums.moneysavingexpert.com/discussion/comment/81863437#Comment_81863437

Thanks, I hadn't spotted that they apply the reduced fee to the tier below as well. I'll edit the post.

soulsaver

Well, added to the fact that we (she) has more time with Fidelity to research what investments to use I think we will be including Fidelity in consideration.. thanks, guys - glad I posted!!!

silvercar

Cashback now received!

I assume (and pray) this isn't taxable. Relying on this:

https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim100210

masonic

https://forums.moneysavingexpert.com/discussion/comment/81997322#Comment_81997322

A strong argument can be made for it being cashback as Fidelity charges an ongoing fee and this offsets the cost over the lock-in period (it doesn't matter if the cashback is more than the fees payable). But even if there were no fees, a one-off joining incentive requiring no spend (like for a bank switch) falls outside of the taxable income categories. The only one to watch is referring others to products and services as that is the trade of affiliate marketing.