Tax Year End 2023/2024 Key Dates

Tax Year End 2023/2024 - Key Information 

Dear All,

Tax year end is just over 6 weeks away and so to help with your preparations we wanted to share some key information.

Tax Year End requests

To ensure we can identify your Tax Year End requests on Freshdesk as quickly as possible, we have re-activated the Tax Year End (TYE) indicator.  Could you please use this where appropriate. This can be selected when raising a new ticket as shown in the below screen shot:

Cut off times

We require expectations and funds to have been submitted by 29th March. We will however process items received after this date, provided it is cleared by 18:00 on 5th April, is received from the nominated bank details and with a corresponding expectation in place. Any funds sent after 18:00 on 5th April will not be cleared by the bank until the following day and will therefore not be available for the 2023/2024 tax year.

Criteria for electronic payments:

In line with our normal procedures, money received from an account that is not the nominated bank account, will need to go through an additional validation step. To avoid this, we would ask that you ensure investors only use their nominated bank account. Where this is not possible, please see the deadline noted below for providing secondary bank account information.

The expectation submitted must be fully and correctly submitted via the portal (i.e., must exactly match the funds sent/received).

Criteria for cheque payments:

Our preference as always, is for investors to pay electronically wherever possible.  If a cheque is the only option, please ensure that these are received by us by Friday 22nd March.

Please note that we are unable to confirm receipt of funds same day.  Our system runs Bank statements are run overnight, so any payments will not show up until the following day at the earliest. Therefore, please check the portal 2 days following payment before getting in touch.

For any cut off dates and times for our third party SIPP providers, Morgan Lloyd and Intelligent Money, please contact them directly as their timescales may differ.

ISA & Lifetime Allowance changes

We are still awaiting the final guidance from HMRC on the ISA and Lifetime Allowance changes which come into force on 6th April 2024. 

 We have completed analysis of the legislative information we currently have available and are working on what we can to begin scoping the required changes. Once we get the final guidance, we will review and finalise and update you further.