I see that II are offering up to £5,000 cashback if you transfer your SIPP to them by 29th Feb. It seems the cashback is paid into one's trading account.
I wonder if this cashback is taxable? As far as I can see rebates on funds (HL call them loyalty bonuses) are taxable but other cashbacks are not.
I was considering anyway moving my SIPP from HL to reduce the 'eggs in one basket' problem. The fees seem similar - the II flat fee is higher than HL but you get a free trade credit and HL's dealing fees are a lot higher. Also II allow one to keep a dollar cash account, which HL do not, though their FX charges are higher.
Any other comments on II appreciated!
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II cashback on Sipp transfer
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Re: II cashback on Sipp transfer
scrumpyjack wrote:I wonder if this cashback is taxable? As far as I can see rebates on funds (HL call them loyalty bonuses) are taxable but other cashbacks are not.
Cashbacks when opening an account are not taxable.
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- Lemon Slice
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Re: II cashback on Sipp transfer
The cashbacks are quite generous I thought. I was wondering how ii stand to benefit from this. I guess it much depends upon the age of the accountee.
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