Each tax month runs from the 6th of the current month to the 5th of the following month (e.g. from the 6th of January to the 5th of February).

Once the month is over (after the 6th) we’ll put in a tax relief claim to HMRC for the contributions you’ve made within that month. If a Moneybox collection day falls on the 5th of the month, this will fall into the tax relief claim for the following month.

HMRC will then pay us the tax relief on the 21st of the following month - about seven weeks later - and we’ll invest this for you.

The total time you’ll have to wait from making your contribution to receiving tax relief will vary depending on when your contribution is collected, but you’ll usually have to wait somewhere between seven to 11 weeks.

Example 1

3rd of June - Contributions collected from you (6th of May - 5th of June tax month)

After the 6th of June - Moneybox submits a claim for tax relief for the previous month

21st of July - HMRC pay us your tax relief

Number of weeks to receive tax relief: 7

Example 2

10th of June - Contribution collected from you (6th of June - 5th of July tax month)

After the 6th of July - Moneybox submits a claim for tax relief for the previous month

21st of August - HMRC pays us your tax relief

Number of weeks to receive tax relief: 10

It’s worth remembering that though it might feel like the first tax relief takes a while to receive, once you’re into a cycle of regular contributions you’ll be getting a regular monthly tax relief top-up.