Freetrade SIPP - Payment of tax relief

easysaver

I've just topped up my Freetrade SIPP and would like to know when I can expect the tax relief to hit my account.

Does anyone have any experience to share? From memory I think with HL, for example, you can work out the payment date (something along the lines of contribution up until 6th of the month then tax relief is paid on first working day after 21st (?) of the following month - if this were the case for my Freetrade SIPP I'd be looking at the tax relief hitting my account on 22nd June).

dunstonh

Submitted by provider by 5th of the month and arrives around the 20th of the following month. The provider time to apply it to your account will vary by a few days.

Marcon

I've just topped up my Freetrade SIPP and would like to know when I can expect the tax relief to hit my account.

Have a look at their website for the answer: https://freetrade.io/pension/pension-tax-relief

'It normally takes around 6-11 weeks from the day you contribute for the tax relief to appear in your account.'

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81962531#Comment_81962531

It normally takes around 6-11 weeks from the day you contribute for the tax relief to appear in your account.'

I think that is a pretty standard statement from many providers, who do not prefund the tax relief.

drob4

Does anyone have any actual experience of Freetrade tax relief payments?

Made my first Sipp deposit on March 10th. The 11 weeks referred to in the posts above is now up - and no sign of any tax relief.

Just wondering if this is the norm (before I contact Freetrade).

dunstonh

Made my first Sipp deposit on March 10th. The 11 weeks referred to in the posts above is now up - and no sign of any tax relief.

So March 10th wouldn't have seen the request submitted until around the 6th April. And around the 20th of the following month is last week. It was a bank holiday weekend. Give them a chance. They've only just got it.

Altior

I've been topping up regularly. The tax relief for all of February's contributions came through in a batch, on 24th April. I made 9 various top ups throughout March, and the tax relief hasn't been added as yet for any of them.

Gambler

04 March was received 24 April.

09 March onwards not received yet.

Edit: 09 March to 05 April all received just now 😊

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/82014355#Comment_82014355

I just took a look at a platform that doesn't pre-fund but gives a good audit trail of when they received the items and when they applied them, and it shows that they received the payment from HMRC on the 23rd of May.

Altior

Coming through for March just now.

Bills_tobepaid

Just as an aside, don't rely on freetrade gain/loss being correct, do your own calculations as they have a strange way of calculating losses when selling shares, they use a FIFO (first in first out) approach and if the FIFO is sold at a large loss this effects the % gain in the average share price

I've just fallen fowl of it, they showed average share price was £10 when it should have been £13 which on 1200 shares makes a big difference to the suggested actual gain tipping it into a loss on a given day price

I found it by downloading the file and working it on the spreadsheet

Good luck all in your future gains and dividends