I have a few SIPP questions for the forum please.
When you open a FreeTrade SIPP how long does the first HMRC contribution take and is the payment date the same each month?
Is the payment made direct from HMRC or is it paid then distributed by FT as per dividends?
I understand that the payment can take between 6 and 11 weeks and I am the beginning of week 9 since my initial contribution. Today feels like a good day for me to get the HMRC contributions and invest in some discounted stocks.
HMRC pass the rebate to FT, which then appears in your SIPP activity as ‘Tax Relief’
Not sure if mine is a typical example but:
1/2/21 - made first SIPP top up
23/3/21 - first HMRC rebate received
So about 8 weeks for the first one.
It usually gets paid on 21st of the month and I make my monthly top ups on the 1st of the month.
Yeah theirs no set timeframe but normally no longer than 10 weeks
Thank you @weenie, that’s useful. I tend to spread my contributions out, so this may make a difference.