II cashback on Sipp transfer

[scrumpyjack]

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!

[SebsCat]

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.

[BobGe]

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.