Tax Year End
Posted on 19/02/2024 by David Fox
With the end of the tax year coming up on the horizon, our last working day of the current tax year for acceptance of new SIPPs will be Wednesday 3 April 2024. We would therefore like to remind you of our requirements for:
| Your checklist | Where and when to send it |
|---|---|
|
Establishing a new SIPP |
To save time, you can use our online application to upload and securely submit the application form and any supporting documents. Alternatively, you can send the completed application form and supporting documents by scan to:
Sales Support Sutton House Weyside Park Catteshall Lane Godalming GU7 1XE We must receive applications by post by Thursday 28 March 2024 and online SIPP applications by Wednesday 3 April 2024. When submitting a Dentons SIPP the Sub-Trust must be completed with wet ink signatures. Establishment of the SIPP to meet tax year end cannot by guaranteed unless all requirements of the application are met. |
| SIPP contributions by cheques | For new clients who wish to make a contribution for the current tax year 2023/24 we will need to receive a cheque by Friday 5 April 2024 in the Dentons Pensions office. Please send the cheque to: Sales Support Sutton House Weyside Park Catteshall Lane Godalming GU7 1XE |
Establishing a new SIPP.
If you are looking to establish a new SIPP, our Sales Support team can generally set one up within seven working days. Therefore, where a client wishes to establish a SIPP to accept a BACS contribution for the current tax year (2023/24), the SIPP needs to be established no later than Monday 18 March 2024 and the contribution paid by Friday 5 April 2024.
Contributions can also be accepted by cheque and these are counted on the day they are received as long as we receive a fully completed SIPP application and supporting documents.
Our Sales Support team are available to review any scanned SIPP applications before sending us all the relevant forms, Cater Allen Bank Mandate and anti-money laundering identity verification documents. This will help ensure that all applications can be processed upon receipt, thereby preventing a delay in establishing the new SIPP.
To apply for a new SIPP, you can:
- use our Online Application Form
- download our Application Forms from our website.
SIPP contributions.
Clients who have an existing Dentons SIPP, and who wish to make a contribution before the tax year-end, must ensure that payments are received by Dentons by Friday 5 April 2024.
- Please remember that the tapered annual allowance came into effect on 6 April 2016 and clients might be affected by the taper depending on their threshold and adjusted earnings figures each year since then. In addition, please also bear in mind that other factors might limit the amount of tax-relievable pension contributions that can be paid e.g. the Money Purchase Annual Allowance, pensionable earnings, etc.
- Payments by cheque must be made payable to the client's SIPP e.g. Dentons SIPP J J Bloggs
- For payments by bank transfer, the client’s SIPP default Cater Allen bank account must be open to receive funds
- Where a SIPP member has enhanced protection and any form of fixed protection (2012,2014 & 2016) and makes a contribution they will lose their protection.
For more information on your pension contributions please speak to your Financial Adviser.