I wasn’t sure I was going to do a transfer but just worked out that I will save £4 a month on fees (and rising as I continue to invest) if I transfer my HL SIPP so here’s hoping for a smooth transfer and looking forward to my free share!
Where do we find the Origo forms for the fast transfer?
I haven’t read all the posts so apologies if this has been answered.
The monthly subscription cost for the SIPP, will that be taken from a bank account or will it be taken from money inside the SIPP?
I believe it works like the other products, so bank account.
Hi @stephen, the monthly subscription for the SIPP will that be taken from a bank account similar to Plus and ISA subscriptions.
Hi @fire2045, we claim the 25% tax relief on behalf of the customer and deposit it in their Freetrade SIPP account.
What happens if you move abroad?
I get very jealous
Does anyone know how tax relief will work for the SIPP in Freetrade ?
Basic taxpayers should get 20%, whilst higher tax payers can get 40%.
Does anyone know how to get the tax relief in both cases ?
I think it is normally standard to claim the basic rate automatically when set up but you have to claim higher rate back from hmrc via self assessment
Freetrade confirmed they will deal with the tax for you and deposit it in to the account.
The higher rate relief has to be claimed through your tax return or by writing to your local tax office.
So does that mean if I stick £75 in there I’ll get a £25 bonus effectively?
If you put a 100 In you get a 25 bonus
Divide your contribution by 4 to get the amount the government add on ( for basic rate taxpayers outwith Scotland ). HL do a good calculator:
Does anybody have experience in claiming the 20% from HMRC for higher rate bucket? Can it be done via standalone forms rather than self assessment? Thanks in advance
To manage people’s expectations on SIPP tax relief, it might not be paid into your account immediately - I find that with HL and AJ Bell, you get it pretty much a month in arrears.
Vanguard have just announced their drawdown service which is at no extra cost
One to keep an eye out for when Freetrade announce their service and costs (if any)
I tried Vanguard SIPP. I really didn’t like their interface. No mobile app. And every time you contribute it forces you to download an illustration of future pension benefit which is very annoying…