Paying inheritance into an ISA

jomarsh

This is my first ever post on an MSE forum. I’m hoping some of you lovely people might be able to help.

I’m expecting to receive a modest inheritance in the near future (share of the proceeds from the sale of my grandmother’s house).

I’m trying to find out if it is possible to have the money paid directly into an ISA in my name by the executors, as it will be within the current ISA limit, or if I have to have been in possession of the money for a period of time before I can pay it into an ISA. I thought I read that somewhere a few years back but I can’t remember where, or if it was specific to a particular ISA or type of ISA. 

If anyone knows where I can find information relating specifically to this subject, I’d be very grateful for a nudge in the right direction.

eskbanker

https://www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#cash-subscriptions clarifies that it doesn't really matter where the money originates from as long as it's yours:

Investors can subscribe cash to each type of ISA. They must subscribe with their own cash, and this includes payment by cheque, direct debit, charge card, credit card, telegraphic transfer and standing order. Cash subscriptions from third parties can be accepted without question unless the ISA manager holds information that shows that the cash does not belong to the investor.

Tom99

Depends on the ISA provider, some will say the money needs to come from a bank account in your name but routing the payment via your account using faster payment will not create any delay and the two transfers executor to you and you to ISA can be done the same day.

LobsterMemory

It's going to be simpler for the executors if they just pay it to your bank account directly - or send a cheque if they're old school - and as Tom says, it really won't take very long for you to get it into the ISA - which can be set up beforehand, if you haven't done that already