As we approach the 31 January 2025 tax payment deadline, we would like to remind clients of the importance of planning in advance for any withdrawals needed from investment portfolios. While it may seem simple to request a withdrawal closer to the deadline, it is important to note that the process takes time. Trades need to settle, which can take several days, and delays can occur if instructions are received too late.
For discretionary clients, we also have a scheduled portfolio rebalance in January 2025. During this time, the necessary trades to adjust portfolios may not be available for withdrawals, further extending the time required to access funds.
To ensure timely withdrawals, we recommend noting the following deadlines:
- For ISAs and General Investment Accounts (GIAs), withdrawal instructions should be given to us by 15 January 2025,but ideally sooner please.
- For pension withdrawals, instructions should be given to us by 2 January 2025, but ideally sooner please.
Whilst we cannot guarantee that withdrawals will be received for instructions received prior to these dates, we will endeavour to complete all necessary requests and believe there is a high likelihood of us being able to do so. After these dates, there is a significantly reduced chance that funds will be available in time for your 31 January 2025 tax payments.
If you are aware that you have not registered your desired bank account with your provider, please notify us as soon as possible and allow additional time so that we can do this for you.
For other products like investment bonds and corporate investment accounts, the timelines may differ. It is important to provide as much notice as possible to ensure that we can accommodate your needs please.
We encourage you to get in touch with us well in advance to ensure a smooth and timely process. Planning ahead helps us serve you better and ensures that you have the necessary funds for your tax obligations in good time for the tax deadline at the end of January.
If you have any questions or need assistance with withdrawals, please kindly contact us.
Please note that the content on this page is based on our understanding and the available information; we cannot be held responsible for any errors, and you should not act on the basis of the information in these articles, nor do they constitute investment advice. Past performance is not necessarily an indication of future returns; the value of investments and any income from them is not guaranteed and can fall as well as rise. Overseas investments are affected by currency movements and exchange rates. If you would like investment advice on your individual circumstances, please do not hesitate to get in touch via telephone at 01392 875500 or email at info@SeabrookClark.co.uk.