In preparation for the end of the current tax year, we have provided a list of the key deadlines you need to be aware of to help you get the most from this year’s tax allowances .

NOTE: It is important that you fully understand the tax implications of any actions you are taking with your products and you should therefore discuss your requirements and personal circumstances with your financial adviser. James Hay cannot provide financial or tax advice. If you would like to speak to a regulated financial adviser but do not have one, please visit www.unbiased.co.uk to find a regulated adviser in your area.

Thursday 18 March (by 5pm)

Applicable to Modular iSIPP, iSIPP, Private Client SIPP and Wrap SIPP holders only.

This is the deadline to make any amendments to your SIPP income in time for the 1 April payroll.

Any amendments received after this date will not be processed until the new tax year (1 May payment). Monies must also be available within the SIPP product bank account by 31 March for payment to be possible.

Monday 15 March (by 5pm)

Applicable to IPS SIPP, IPS (2008) SIPP, IPS Family SIPP, IPS Pension Builder SIPP and Partnership SIPP holders only.

This is the deadline for any income instructions for the current tax year.

Benefit Payment Forms need to be received along with all relevant documentation (including an up to date valuation) to enable benefits to be set up in the current tax year.

Please note: If further information is required or for any risk warnings, we are dependent on your response time and cannot guarantee a date of payment.


SIPP Contributions

Monday 5 April (by 5pm)

This is the deadline for SIPP contributions by bank transfer. Contributions must arrive by this deadline along with the completed Supplementary Contribution Form.

If a contribution is to be made in the current tax year to an existing SIPP held with us, please ensure that we receive the contribution payment by 5pm on Monday 5 April, accompanied by a completed Supplementary Contribution Form (links below).

Please note: As tax year end falls over the bank holiday Easter weekend, you should take note of your banks terms under which the payment is made. We strongly suggest you submit your payment as soon as possible, and before the last working day of the tax year, Thursday 1 April. Any payment received after Monday 5 April will be treated as a contribution to the 2021/22 tax year, regardless of any intention to contribute to the 2020/21 tax year. Please be aware that we do not accept payment via Debit / credit card.

Any new Direct Debit requests for regular contributions must be with us by Tuesday 2 March if the first collection is required in the current tax year.

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Wrap and Modular ISA

If a Wrap ISA or Modular ISA subscription is to be made for the current tax year, please remember that we must be in receipt of both the money and a valid ISA Application Form by 5pm on Monday 5 April. If you are uncertain as to whether we hold an existing ISA application for the current tax year, it is safest to include a new ISA Application Form to avoid the possibility of a subscription being rejected.

Please note: As tax year end falls over the bank holiday Easter weekend, you should take note of your banks terms under which the payment is made. We strongly suggest you submit your payment as soon as possible, and before the last working day of the tax year, Thursday 1 April. Any payment received after Monday 5 April will be treated as a contribution to the 2021/22 tax year, regardless of any intention to contribute to the 2020/21 tax year. Please be aware that we do not accept payment via Debit / credit card.

In order to sell investments held in a Wrap Investment Portfolio or Modular GIA to fund an ISA subscription, you must ensure that cleared money is available within the Investment Portfolio or Modular GIA product bank account in good time; with an instruction to transfer money to the ISA and that a valid ISA application is held.

To ensure all ISA subscriptions and SIPP contributions are promptly processed, it would be helpful to send the documentation and money as soon as possible.

All ISA and SIPP forms can be found in the literature section of ourwebsite, but if you would like further help with tax year end requirements, please call our Contact Centre on 03455 212 414.

New Business

Online applications for new business with single contributions to be paid in the current tax year need to be digitally signed and returned electronically to us by 5pm on Friday 26 March.

Wrap applications for new business must also be received in our offices by 5pm on Friday 26 March. Any application requiring a Direct Debit set up must be with us by 5pm on Tuesday 2 March (SIPP only).

New Benefit Payments

To enable benefits to be set up in the current tax year, Benefit Payment Forms for advised cases need to be received in our offices by 5pm on Tuesday 23 March along with all the relevant supporting documentation (as indicated on the form). If you are unsure about what supporting documentation is required, please call our Contact Centre on 03455 212 414.

If your financial adviser is not submitting the Benefit Payment Form on your behalf having given you advice, then you need to complete a Benefit Payment Form for Non-advised Customers by 5pm Tuesday 9 March to allow time for risk warnings to be issued (if applicable).

Additionally, if any disinvestments are required to fund benefits please ensure these are requested early enough to allow for third party processing times. Any money from such disinvestments must have settled in your bank account by 5pm on Tuesday 23 March to guarantee payment of benefits in the current tax year.

Income

Please note that in order to take new pension income for existing benefits or amend an existing instruction within the current tax year we must be in receipt of the instruction through James Hay Online by 5pm on Thursday 18 March. Any instructions received after this date will not be processed until the new tax year. This link shows the cut-off dates for notifying us of income changes. All income payments are set up to reach your designated bank account on the 1st of any month.

Any income payments are reliant on sufficient money being available. Therefore please monitor the relevant product’s bank account and/or disinvestment preference to ensure there is sufficient money to pay all future income payments and any fees due.

Where online access is available you can check the balance in the product bank account by accessing our secure website or by calling our Contact Centre on 03455 212 414.

Drawdown Transfer In

If money is to be transferred from other pension schemes before taking benefits in the current tax year, please contact us as soon as possible with the relevant scheme details (see the SIPP Cash Transfer In Form) ). We are reliant on the transferring scheme to release the money and provide us with the required paperwork.

We require a completed Drawdown to Drawdown Transfer Form so we can continue to pay income. All requirements must be with us by 5pm on Friday 12 March if income is required in the 2020/2021 tax year.

If you are in capped drawdown and the pension plan year ends during April, if the income due was not paid in the 2020/2021 tax year, the payment can only be made on the first available payroll in the 2021/2022 tax year if it does not exceed the maximum allowable in the new plan year.

Property

To ensure we treat our customers fairly, the Property Department works on a strict order of receipt basis and is therefore unable to treat one case as more urgent than another. Whilst we always seek to provide excellent customer service, we cannot guarantee any particular completion date as we are reliant on third parties.

If you use our panel solicitors who are familiar with our requirements, this will result in smoother administration and a faster turnaround time.

Remember that a SIPP Commercial Property purchase takes an average of 8-12 weeks from the time solicitors are instructed by us, not the date you send us the property questionnaire.

Contact us

If you have any queries regarding the deadlines or requirements listed, please call our Contact Centre on 03455 212 414.

For IPS Pension Builder, please call 03333 205 862 or for a SSAS, please call 03333 205 392.