isa earning interest after death?

janeke

I am assembling financial information for my father who died last month. I must admit I assumed that his isas would be "frozen" and stop earning interest at the date of death. Three banks have given me final valuations which include interest up to that date but the Post Office have given me an approximate valuation and are insisting that they cannot give a final valuation until they receive the Grant of Probate as the Isa will continue to earn interest until that point.

I have phoned them today and the person I spoke to went to check with her superior who confirmed this was the case.

My solicitor will be doing the paperwork for the Probate/Inheritance Tax and I am sure that when she did it for my Mother a few years ago she wanted to know the final valuation including interest

Yorkshireman99

janeke wrote: »

I am assembling financial information for my father who died last month. I must admit I assumed that his isas would be "frozen" and stop earning interest at the date of death. Three banks have given me final valuations which include interest up to that date but the Post Office have given me an approximate valuation and are insisting that they cannot give a final valuation until they receive the Grant of Probate as the Isa will continue to earn interest until that point.

I have phoned them today and the person I spoke to went to check with her superior who confirmed this was the case.

My solicitor will be doing the paperwork for the Probate/Inheritance Tax and I am sure that when she did it for my Mother a few years ago she wanted to know the final valuation including interest

Unless the estate is going to attract IHT tyhen an approximate figure will be OK. After probate then you can get the exact figure for ny income tax that is payable.

Keep_pedalling

What was wrong with the answers you got with your other thread?

janeke

Keep_pedalling wrote: »

What was wrong with the answers you got with your other thread?

Is that a serious question? If I wasn`t still unsure I wouldn`t have bothered asking again!

Keep_pedalling

janeke wrote: »

Is that a serious question? If I wasn`t still unsure I wouldn`t have bothered asking again!

Yes it was a serious question, opening a second thread was unnessasry you should have stuck to the original so that the rest of us can easily see the responses you already had so we don’t waste our time giving advice that has already been given by others.

janeke

Keep_pedalling wrote: »

Yes it was a serious question, opening a second thread was unnessasry you should have stuck to the original so that the rest of us can easily see the responses you already had so we don’t waste our time giving advice that has already been given by others.

If you had read properly you would seen that I asked a new question ie do Isa`s earn interest after the investor has died?

Might I suggest you moderate your tone especially on this thread where you are replying to people who have recently been bereaved and may be very distressed.
I thought this was a supportive forum - obviously I was wrong and will not be posting again

getmore4less

It is simple.

For items you can' find the DOD value accurately you estimate.

For money accounts with basic details like amount in the account, the last date of interest credit and rate you can get within a £ or two.

If there is no IHT it won't matter if it is out a lot.

Linton

Any interest earned from a deceased's accounts after DoD is regarded as income to the estate. However as from April 2018 ISAs retain their tax-free status after the death of the owner until they are closed as part of the administration of the estate. Non ISA interest could be taxed and it may be necessary to fill in a tax return. Estates dont have a personal allowance.