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What happens regards ISAs & savings once sent to prison? Anything?
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# 1
Use her name
Old 13-11-2012, 3:13 PM
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Default What happens regards ISAs & savings once sent to prison? Anything?

If you end up having to to a prison sentence, just wondering what happens, if anything, to the money in your name - specifically ISAs & from that also savings accounts. Not so much bank accounts, but while i'm enquiring about the first two, i may as well include that in the question also. Genuine question.
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badger09
Old 13-11-2012, 3:48 PM
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Quote:
Originally Posted by Use her name View Post
If you end up having to to a prison sentence, just wondering what happens, if anything, to the money in your name - specifically ISAs & from that also savings accounts. Not so much bank accounts, but while i'm enquiring about the first two, i may as well include that in the question also. Genuine question.
Can't see any reason why anything should happen to your ISA if you have to serve a prison sentence. What do you think might happen ?

As far as normal bank accounts are concerned, if you're not going to be liable to tax because of a long prison sentence, you could reclaim any tax overpaid and register for gross interest if applicable.
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Old 13-11-2012, 3:54 PM
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Quote:
Originally Posted by badger09 View Post
Can't see any reason why anything should happen to your ISA if you have to serve a prison sentence. What do you think might happen ?

As far as normal bank accounts are concerned, if you're not going to be liable to tax because of a long prison sentence, you could reclaim any tax overpaid and register for gross interest if applicable.
This isn't for myself, it's for a close friend - but them having never been in this position before (& no internet to ask), i'm trying to help out. Better to prepare & not need to than need to & not prepare is my view.

The potential outcome may be: community service, fine, suspended sentence. Any of these 3 will equate to a major relief. However it's a reality that there may be a prison sentence. A few years at the very tops i would imagine, but obviously nobody knows.

Didn't know whether the savings/ISAs would automatically be given up to pay any sort of compensation/court costs etc etc. Don't really know how it all works tbh, which is why we're asking.
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badger09
Old 13-11-2012, 4:28 PM
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Quote:
Originally Posted by Use her name View Post
This isn't for myself, it's for a close friend - but them having never been in this position before (& no internet to ask), i'm trying to help out. Better to prepare & not need to than need to & not prepare is my view.

The potential outcome may be: community service, fine, suspended sentence. Any of these 3 will equate to a major relief. However it's a reality that there may be a prison sentence. A few years at the very tops i would imagine, but obviously nobody knows.

Didn't know whether the savings/ISAs would automatically be given up to pay any sort of compensation/court costs etc etc. Don't really know how it all works tbh, which is why we're asking.
OK I understand.

I have no expertise in this area, but common sense would suggest that any court would expect you to use available assets, such as savings whether in an ISA or not, to pay any fine. CAB are probably a good place to start for specialist advice

http://www.citizensadvice.co.uk/Docu...rt%20Fines.pdf
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Old 13-11-2012, 4:56 PM
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Thanks for the help. The question is more regarding what's enforcable than expected. Not to say that the chap would dare take an attitude & challenge, but it's still just good to be in the know.
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jimjames
Old 13-11-2012, 5:17 PM
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Unless there are fines to pay which would come out from any assets the remaining money would be there for them once they leave prison.
Remember the saying: if it looks too good to be true it almost certainly is.
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thenudeone
Old 14-11-2012, 12:14 AM
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It may worth them giving a trusted friend or relative a power of attorney (although some banks/BSs don't like them) to manage things like this.
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Eponym
Old 14-11-2012, 1:47 PM
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Payments regarding costs and compensation depends on the charges and sentence.

Typically costs are not ordered where the sentence is imprisonment, but he may still have to pay compensation.

If he is ordered to pay costs and/or compensation he will have to pay it from whatever funds he has.
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