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Important update: Tax year end guidelines


In order to help manage your diaries and client appointments at this important time of the year we are communicating our tax year end deadlines early this year. This follows feedback from previous communications where you asked for this detail to be shared at the beginning of January. We hope you find this information useful and if you have any questions then please do not hesitate to contact our Client Services Team on 0117 975 2355.

2015/2016 Deadlines:

Friday 11 March 1pm

  • Cut off for receipt of payment request from Portal Personal Pension drawdown clients wishing to take a drawdown payment in 2015/2016 tax year.
  • Cut off for receipt of payment request for UFPLS and Small Lump Sum Payment for Portal Pension clients wishing to receive a payment in 2015/2016 tax year.

Thursday 17 March 1pm

  • Cut off for clients with Non Portal uncrystallised pension benefits with Sanlam wishing to crystallise before the end of the 2015/2016 tax year.

Wednesday 23 March

  • Cut off to instruct ad-hoc movement of funds from Sanlam GIA to Sanlam ISA.

Thursday 17 March

  • Cut off for receipt of payment request from Non Portal Personal Pension drawdown clients wishing to take a drawdown pension payment in 2015/2016 tax year.
  • Cut off for receipt of payment request for UFPLS and Small Lump Sum Payment for Non Portal Pension clients wishing to receive a payment in 2015/2016 tax year.

Wednesday 23 March

  • If a client wishes to send in an ISA application and cheque for tax year 2016/2017, this is the first day when Sanlam will be able to accept post-dated cheques for these ISA subscriptions.

Friday 25 March: Good Friday Bank Holiday 
Monday 28 March: Easter Monday Bank Holiday


Monday 4th April 5pm

  • Cut off for ISA subscriptions/pension contributions to be received at Sanlam’s office or for direct credits to be received in Sanlam’s client money bank account.
  • Applications must be complete in all aspects and accompanied by a valid cheque, which is subsequently honoured. For ISAs cheques these must be from the investor’s own account.
  • Cheques to be made payable to ‘Sanlam Financial Services UK Limited’ and must clear in due course.

Tuesday 5 April: 2015/16 tax year ends 

Wednesday 6 April

  • First business day of 2016/17 tax year
  • Cash received on or after this date will be applied to the 2016/17 tax year. There can be no carry back to the previous tax year.

Sanlam Bank Account

For an electronic transfer/direct credit, please instruct your bank/building society to send the payment to:

Account Name: Sanlam Financial Services UK Limited CMA
Sort Code: 20-13-42
Account Number: 70514543
Bank: Barclays
Branch: Queens Square RMS

Bed and ISA

Standard practice is to ensure clients utilise ISA subscriptions at the start of the tax year, to maximise their tax benefits. Our GIA applications incorporate this option which enables our system functionality to allow the transfer to be executed automatically. To utilise this feature it must be set up on our system before the close of the preceding tax year.

2016/17 Allowances

ISA £15,240
NB: The distinction between Cash and Stocks & Shares ISAs was removed from July 2014.

Important Notes

Sanlam are not able to lend money to clients to fund ISA subscription allowances. Early action is advised to ensure clients do not lose their allowances.
 

Investing involves risk and the value of investments and the income from them may fall as well as rise and are not guaranteed. Investors may not get back the original amount invested.