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Tax year checklist

New tax year - getting started with the things you can control

Check out our 2020-21 Tax Year Guide for details and insights on how to get organised in an unpredictable market.

For this tax year, free yourself from percentage-based charges and multiple platform fees. Instead, you can pay one low monthly fee of £9.99 for all of your accounts. 

  1. Invest early in an ISA
  2. Open a Junior ISA for tax-free children's savings
  3. Top up your pension and reap the rewards
  4. Move old pensions into a SIPP for simpler retirement planning
  5. Start 2020 the right way - with free regular investing

Open a SIPP by 30 November and pay no SIPP fee until June 2021. Find out more

1. Invest early in an ISA

A stocks and shares ISA is the most tax-efficient way to save for the future. You can pay in up to £20,000 a year without paying tax on the gains.

The earlier you pay in, the more time your investments will have to grow.

Good to know

✔  If you have paid in less than £20,000 so far this tax year, any other savings you have could be working much harder in your ISA

✔  Unlike a pension, you can access your money when you want. That means you could use your ISA gains to boost your income – tax-free

✔  The ii ISA gives you access to our full range of more than 40,000 UK and global stocks

✔  If you have a stocks and shares ISA with another provider, you could save on fees by switching it to your existing ii account 

Our flat fees cover you for multiple accounts, so if you already have a Trading Account or SIPP with us, you can add an ISA for free.

open an ISA   transfer an ISA

Ways to top up  |  Find ISA investment ideas

2. Open a Junior ISA for tax-free children’s savings

Want to build a nest egg for your kids, or just something to help them out in later life? A Junior ISA (JISA) is the most tax-efficient way to do it.

Good to know

✔  Anyone can contribute – grandparents, aunts and uncles can all chip in – but only the parents can open the account

✔  Invest up to £9,000 tax-free each year per child

✔  Only the named child can withdraw the money, once they hit 18

✔  Existing ii customers can use free trade credits on a JISA

✔  You can open one Junior cash ISA and one Junior stocks and shares ISA per tax year - so don’t worry if they already have a regular JISA with their bank

If you have a Junior ISA elsewhere, you could save on fees by switching it over to an ii account.

open a Junior ISA

add a JISA to your ii account

Ways to top up  |  Transfer a JISA to ii

3. Top up your pension and reap the tax rewards

Take more control over your retirement with an ii SIPP (self-invested personal pension). You decide where your pension is invested and get tax perks on what you pay in.

Other providers charge percentage rates, meaning the more you make, the more you pay. With ii, you pay the same flat fee as your investments grow.

Good to know

✔  Tax relief is available on up to £40,000 of gross contributions

✔  For a basic rate taxpayer, an £8 net payment means a £10 gross contribution - the other £2 comes from the Government

✔  Your employer can contribute to your ii SIPP

✔  Choose from more than 40,000 UK and global stocks to invest in

✔  You can carry forward up to three years’ worth of unused annual pension contribution allowances

Take advantage by increasing your pension contributions before 5 April. You’ll pay less income tax as a result.

Remember, any money you put into your pension will be locked away until you’re 55 – but your future self will thank you.

Ways to pay in

4. Move old pensions into a SIPP for simpler retirement planning

Combining old pensions into a SIPP (Self Invested Personal Pension) can make planning for retirement much simpler - and you could save on fees, too.

If you don't know how much you're paying for your pensions, it is probably more than you think. Other providers take a percentage of your pension, which can add up - especially if you have multiple accounts. 

The ii SIPP is different. With a SIPP fee of just £10 a month (special offer: open a SIPP by 30 November and pay no fee until June 2021) in addition to your service plan fee, you'll know exactly what you're paying. What's more, you could have £20,000 more in retirement with us, compared with other SIPP providers.* Learn more

It’s easy to add a SIPP to your existing account.

log in and add a SIPP

open a SIPP   transfer a SIPP

Find SIPP investment ideas

5. Start 2020 the right way - with free regular investing

Regular investing is free with ii. You can top up your SIPP, ISA or trading account with as little as £25 per month.

Regular investing can also help you ride out rough patches in the stock market. Spreading your investment over 12 months means you will pay the average price for a share, rather than investing it as a lump sum at one price. Your future self will thank you.

Sign up to pay by monthly direct debit to make more of your 2020/21 tax breaks.

set up free regular investing

Learn more

* To see how investing with our Fair Flat Fees over 30 years in a SIPP compares with other providers, The Lang Cat used:  • A £150,000 initial balance  • 40 trades per year • A 50:50 split between shares and funds  • Standard charges, with no set-up fees or temporary offers

Risk Warning: The price and value of investments and their income fluctuates: you may get back less than the amount you invested. If you are unsure about the suitability of a particular investment or think that you need a personal recommendation, you should speak to a suitably qualified financial adviser. Please note, the tax treatment of these products depends on the individual circumstances of each customer and may be subject to change in future. If you are uncertain about the tax treatment of the products you should contact HMRC or seek independent tax advice.

Promotional SIPP offer terms and conditions

  1. No SIPP fee shall be payable on all new ii SIPP accounts opened on or after 1 October 2020 for six calendar months (the "Fee Free Period"). After the Fee Free Period has ended, the SIPP fee you will be required to pay will be as set out in our then current Rates and Charges.
  2. The Fee Free Period is open to new and existing customers who open a new ii SIPP account on or after the qualifying date.
  3. These terms and conditions should be read in conjunction with the ii SIPP Terms. In the event of a conflict between these terms and conditions and the ii SIPP Terms, these terms shall prevail.
  4. All other fees associated with managing your ii SIPP account shall continue to apply.
  5. We reserve the right to alter, withdraw or amend the Fee Free Period and/or these terms and conditions at any time without prior notice.
  6. All participants opening an ii SIPP account on or after 1 October 2020 agree to be bound by these terms and conditions.
  7. Interactive Investor Services Limited (“IISL”) is the promoter of this Fee Free Period offer. The registered office for IISL is Exchange Court, Duncombe Street, Leeds LS1 4AX.