Tax Year End deadlines 2023/24

Single payments

If you’re looking to contribute before the end of the 2023/24 tax year, you need to ensure that any payment is received by us by close of business Friday 5 April 2024. If a contribution isn’t received by this date, regardless of the intention to contribute to the 2023/24 tax year, we aren’t able to process it on this basis and therefore it will be treated as a 2024/25 contribution.

How you can contribute?

• Payments can be submitted either by Faster Payment, BACS or CHAPS (please note we are unable to accept debit or credit card payments).

• You can obtain the bank details you need to use either by logging in to our secure portal on James Hay Online or calling our Service Centre on 03455 212 414.

• In order for us to accept the payment you must have completed and sent us the SIPP Supplementary Contribution Form.

• Should you be wishing to move monies from a Wrap Investment Portfolio, Modular General Investment Account or an ISA held with us, we will require the instruction and cleared funds in the product cash account by Tuesday 2 April 2024.

I want to open a new SIPP

If you are looking to open a new SIPP with us, your appointed IFA will need to enquire on your behalf via James Hay Online. Further guidance is available here.

If you contribute via regular payment

If you already make regular payments into your SIPP via Direct Debit and wish to amend the amount with the first amended payment to be collected in the 2023/24 tax year, we need to have received your request by Monday 4 March 2024.

Alternatively, if you wish to start making regular payments in your SIPP via Direct Debit and wish the first payment to be collect in the 2023/24 tax year, we need to have received your request by Monday 4 March 2024.

Please ensure you complete and send us the SIPP Supplementary Contribution Form.

If you wish to make an ISA subscription to an existing Wrap ISA or Modular ISA in the 2023/24 tax year, you need to ensure that you follow the guidance below to prevent the possibility of a subscription being rejected.

• If you’ve not subscribed in the 2023/24 tax year with James Hay or are uncertain as to whether we hold an existing ISA declaration for the current tax year you must submit a fully completed Supplementary ISA Subscription Form.
  
  

• If you have access to James Hay Online, we’ll accept a scanned copy of your fully signed and completed ISA subscription from, submitted via our secure mail facility. If you don’t have Online access, a paper form requiring wet signature can be posted to James Hay Partnership, Dunn’s House, St Paul's Road, Salisbury, Wiltshire, SP2 7BF. This must be received by the last working day of the tax year, Friday 5 April 2024. You need to ensure that 2023/24 applications are dated Friday 5 April 2024 or prior. Any applications dated post Friday 5 April 2024 will be rejected. 

For all clients:

You need to ensure that monies are available as detailed below or we will not be able to complete your subscription in the 2023/24 tax year. You need to:

• Have arranged transfer of funds via bank transfer so that they are received by us no later than Friday 5 April 2024. You should take account of your banks terms under which the payment is made. We strongly suggest you submit your subscription as soon as possible. When sending an ISA subscription payment please ensure the payment reference shows your 'C' number. This can be found alongside the relevant bank account details upon logging into your online account. Including 'ISA SUB' after the 'C' number will ensure the quickest allocation of your funds. For example, 'C000223456 ISA SUB'.

Or

• If the subscription is being made from your Wrap Investment Portfolio or Modular GIA, cleared funds need to have been made available in the product cash account. Please ensure you have arranged for disinvestments to be placed in good time, so that monies are available and settled in the cash account by Friday 5 April 2024.

SIPP

Online applications for new business with single contributions to be paid in the current tax year need to be digitally signed by the client and returned electronically to us by Monday 25 March 2024. Payment should follow via bank transfer, as per conditions above.

Online applications for new business with regular contributions, where the initial payment is required in the current tax year, need to be digitally signed by the client and returned electronically along with the original Direct Debit Mandate ‘wet signed’ by the paying party. These need to be completed by Monday 4 March 2024.

Wrap

If you want to open a new Wrap for a client before the end of the 2023/24 tax year, please ensure that we have received a paper (hard copy) application by close of business Monday 25 March 2024.

Modular ISA

If you want to open a new Modular ISA with single subscriptions to be paid in the 2023/24 tax year, please ensure you have completed an online application. This application will need to be digitally signed by the client and returned electronically to us by Monday 25 March 2024. Payment should follow via bank transfer, so that they are received by James Hay no later than Friday 5 April 2024. You should take account of your banks terms under which the payment is made. We strongly suggest you submit your subscription as soon as possible. When sending an ISA subscription payment please ensure the payment reference shows your 'C' number. This can be found alongside the relevant bank account details upon logging into your online account. Including 'ISA SUB' after the 'C' number will ensure the quickest allocation of your funds. For example, 'C000223456 ISA SUB'.

There are certain deadlines that will apply as we approach the tax year end which you will need to take note of if you require monies to be paid within this tax year (2023/24).

Pension Commencement Lump Sum (PCLS) with income requests

If you are submitting a request for a tax-free lump sum payment, known as a pension commencement lump sum (PCLS), and you require an income payment to be made within the current 2023/24 tax year, this request must be received by us no later than the date detailed below. This is to ensure that we have sufficient time for this income payment to be administered and paid to you.

We highly recommend that when submitting your benefit payment form, you fully review all the required documentation to support your application. Details are provided in full on the form. This will prevent any issues with the income payment being made to you within the 2023/24 tax year.

• Should you need to disinvest to facilitate your payment, requests must be completed on James Hay Online by Thursday 14 March 2024 to allow time for the instruction to be processed and for the funds to reach us in time for payment in the 2023/24 tax year.

• We can disinvest on your behalf, but please note that this will delay your payment and therefore may mean we are unable to make the income payment within the 2023/24 tax year.

If an up-to-date valuation is not provided, or sufficient funds are not available we cannot guarantee that the payment of income will be made before the tax year ends.

If you are unsure about what supporting documentation is required, please call our Service Centre on 03455 212 414.

The deadline is:

• Advised – submitted by close of business Thursday 14 March 2024.

• Non-advised – submitted by close of business Tuesday 5 March 2024. This is to allow risk warnings to be issued and accepted by you.

All PCLS requests and payments will continue to be administered in receipt order to ensure we treat all customers fairly.

Uncrystallised Funds pension lump sum payments (UFPLS)

If you are submitting a request for an uncrystallised funds pension lump sum payment (UFPLS) which you need to receive within the current 2023/24 tax year, you will need to ensure that your fully completed Benefit Payment Form with an up-to-date valuation, plus any further supporting documentation is received by us no later than the date detailed below.

We highly recommend that when submitting your benefit payment form, you fully review all the required documentation to support your application. Details are provided in full on the form. This will prevent any issues with payments being made to you within the 2023/24 tax year.

• Should you need to disinvest to facilitate your payment, requests must be completed on James Hay Online by Thursday 14 March 2024 to allow time for the instruction to be processed and for the funds to reach us in time for payment in the 2023/24 tax year.

• We can disinvest on your behalf, but please note that this will delay your payment and therefore may mean we are unable to make payment within the 2023/24 tax year.

If an up-to-date valuation is not provided, or sufficient funds are not available we cannot guarantee that the payment of UFPLS will be made before the tax year ends.

If you are unsure about what supporting documentation is required, please call our Service Centre on 03455 212 414.

The deadline is:

UFPLS

• Advised – submitted by close of business Thursday 14 March 2024.

• Non-advised – submitted by close of business Tuesday 5 March 2024. This is to allow risk warnings to be issued and accepted by you.

If you want to place a request to close your plan and take all the funds from it, known as a Flexi Plan Closure within the current 2023/24 tax year, you need to ensure that your fully completed documentation with an up-to-date valuation, plus any further supporting documentation is received by us no later than the date detailed below. If your plan is fully crystallised, we will need a Flexi Plan Closure (FPC) form to be completed and submitted along with the relevant supporting documentation. This needs to be submitted no later than Thursday 14 March 2024.

If your plan is uncrystallised or partially crystallised, we will need a fully completed Benefit Payment Form and a letter confirming that you wish to close your plan along with the relevant supporting documentation. This needs to be submitted no later than Thursday 14 March 2024. Please be advised in order to complete the FPC process any active Investment Manager (IM) accounts will need to be fully closed. These accounts will need to have had all assets sold, funds moved into cash and us to have received a confirmation of closure form from the IM.

We highly recommend that when submitting your form, you fully review all the required documentation to support your application. Details are provided in full on the form. This will prevent any issues with payments being made to you within the 2023/24 tax year.

• Should you need to disinvest to facilitate your payment, requests must be completed on James Hay Online by Thursday 14 March 2024 to allow time for the instruction to be processed and for the funds to reach us in time for payment in the 2023/24 tax year.

We can disinvest on your behalf, but please note that this will delay your payment and therefore may mean we are unable to make payment within the 2023/24 tax year.

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 Transfer Form which can also be found in the literature section of the website). We are reliant on the transferring scheme to release the money and provide us with the required paperwork. Additionally, we require a completed Drawdown to Drawdown Transfer Form so we can continue to pay income. All requirements must be with us by Friday 8 March 2024 if income is required in the 2023/2024 tax year.

Our Property Department will always aim to provide the highest standards of customer service and therefore we look to ensure that we treat all our clients fairly. This means that we will always manage client requests in receipt order to prevent anyone suffering unnecessary delays.

We’re also reliant on responses from third parties, meaning we are unable to guarantee completion dates.

The end of the tax year creates increased volumes for all parties involved and therefore you can expect to see a natural increase in turnaround times.

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.

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