Confirmation of my understanding of APS rules?

Aristarcus

Hi,
I have just recently been granted an APS based on the value of my late husbands cash ISA that was closed last year, hoping someone may be able to confirm my understanding of how an APS (Additional Permitted Subscription) can be used please?

--You can be granted a separate APS for each separate provider with whom your spouse held an ISA (or multiple ISAs)
--Unlike a personal ISA allowance you do not need to fund an ISA using the APS within the tax year that it was granted (use it or lose it); however you will lose it 3 years after date of your spouses death, or 180 days after completion of the affairs of the estate whichever is later.
--Assuming the APS was granted on a deceaseds cash ISA(s), you can split the allowance between multiple types of ISA (cash, Stocks and Shares, Innovative Finance)  however all must be with the same ISA provider?

thanks for your time..

Vortigern

I don't know the answer to your split question, but I don't think you would find a single provider offering all those different types of ISA.

What you could do, given a single APS, would be to make the whole of that APS to an easy access cash ISA, then ISA transfer parts of the whole from cash ISA to S&S ISA as required.

eskbanker

Yes, your understanding appears consistent with the rules as explained at https://www.gov.uk/guidance/manage-additional-permitted-subscriptions-into-an-isa except for the last bit about multiple ISAs needing to be with the same provider.  As above, a single interim APS ISA is a handy way of moving between any complex situation and the ultimate desired target setup....