It depends when you pay into your SIPP. If we receive your SIPP contribution on or before the 5th of the month, we’ll reclaim the basic-rate tax relief from HMRC and pay it as cash into your SIPP account on the 25th of the following month.
For example, if we receive your contribution on 1 April, we’ll pay the tax reclaim into your account on 25 May. However, if we receive your contribution on 6 April, we’ll pay your tax reclaim on 25 June.
The tax relief will be paid as cash into your SIPP account, and you’ll be free to invest it how you choose. If you’re not sure where to invest, maybe our investment ideas can help?
If you're a higher or additional rate taxpayer, you may be able to claim extra tax relief directly with HMRC, via your self-assessment. It's also worth remembering that tax rules and allowances depend on your personal circumstances and can change in future.