TAX YEAR END 2023/24

As we approach the end of the 2023/24 tax year, here are the details of the key dates and payment methods, plus a summary of moving money between client accounts.  

DEADLINES

Pension and ISA contributions
Deadline
Contributions received by Direct Debit, direct credit (bank transfer) or cheque* plus supporting expectation keyed on platform and/or documentation received by post or email by midnight on 5th April.

Further information on how to pay contributions, and associated deadlines, can be found below in the section titled “Payment methods”.

Please note: Should we receive either the funds or the supporting contribution expectation/documentation after this deadline, the contribution will not qualify for this current tax year.

*please note we must have cleared funds by 5 April 2024. See below for more information on payment methods.

05/04/24 (midnight)

 

Pension income (UFPLS/One-off pension income)
Deadline
Monies cleared in cash within the pension (including any investment sale proceeds) and requests keyed on platform. 27/03/24 (11am)
Pension income (Regular pension income)
Deadline
For new or regular income amendments, input or changes keyed and relevant funds cleared in the cash account. 20/03/24
PCLS
Deadline
Monies cleared in cash within the pension (including any investment sale proceeds) and requests keyed on platform. 05/04/24 (11am)
Transfer between accounts – Individual GIA to ISA
Deadline
Please see “Moving Money Between Accounts” section below for more information.

You will need to sell investments in the individual GIA to create enough available cash to move to the ISA. It may take up to 5 working days for this sale to complete and cash to become available. In order to complete the transfer before the end of the current tax year you must instruct the sell by 26th March.

26/03/24

PAYMENT METHODS

Direct Debit is the most effective way to move monies into your clients’ accounts and execute any investment instructions.

New Direct Debit Mandates (DDM) which require to be set up prior to tax year end must be keyed, bank account authorised and the DDM received into Scottish Widows Platform via email/post by Friday 8 March 2024.

Bank transfers can take up to five working days depending on the bank. We recommend contacting the bank in advance of making the payment. We must receive the payment by Thursday 4 April 2024 in order to match on our records by Friday 5 April 2024.

To make a payment by direct credit (bank transfer), you must ensure the client’s account is open on the platform, the payment is made to the correct bank account, and that the full reference is completed including the sub account reference. For example:

Bank: Metro Bank

Bank Account Name: EISL Client Collections Account

Account: 21862465

Sort Code: 23-05-80

Client reference: (For Example): EM1234567-001

If we are unable to match funds to the client’s account, the funds will be returned.

Cheque contributions should arrive at our offices by Monday 25 March 2024. Funds can take up to seven working days to clear using this payment method. For more details on the cheque clearing process please contact your client’s bank directly. Please note, due to postal strikes there could be further delays encountered.

Please make contribution cheques payable to ‘EISL CLIENT COLLECTIONS ACCOUNT’ with the client’s account reference specified on the back of the cheque, and send to:

Embark Investment Services Ltd,
PO Box 24065,
1 Tanfield,
Edinburgh,
EH3 1EY

MOVING MONEY BETWEEN ACCOUNTS

You can move money from an individual’s GIA directly to their ISA on the platform by following the steps in this user guide.

If a client is looking to move money into their pension from another product, the monies must be withdrawn to the client’s bank account first, then paid into the pension.  

Should money need to be moved between two different platform accounts, then the money must be withdrawn to the client’s bank account before being paid into the receiving account. More information on this process can be found on the Support hub.