Deceasd ISA transfer

epower

In the Daily express you mentioned that a persons ISA allowance(s) could be passed on to the deceased`s partner/spouse.
Is this the current years or all. My spouse has several ISA`s from past years would I be entitled to these?

JGB1955

It's an additional ISA allowance up to the value of the deceased’s ISA savings at the date of death.  If your spouse had £80K invested, your allowance will increase by £80K.
https://www.gov.uk/government/publications/isas-transfer-of-benefits-to-surviving-spouse-or-civil-partner-upon-death

Robert_McGeddon

epower said:

In the Daily express you mentioned that a persons ISA allowance(s) could be passed on to the deceased`s partner/spouse.
Is this the current years or all. My spouse has several ISA`s from past years would I be entitled to these?

Yes to all of your wife's ISAs. It's called "Additional Permitted Subscription" or APS. There's a good explanation here. The rules changed in 2018 and are now slightly more favourable.

In practical terms you can, for each existing ISA, either:

1. Transfer to an existing ISA in your name with the current provider (or open an ISA with them), or

2 .Get the existing ISA provider to confirm APS entitlement to a differint provider with whom you have an ISA, have the closing balance paid to you then pay in up to the APS limit to your own ISA.

This is additional to your £20K personal ISA allowance.

Note that the APS amount is the higher of your wife's ISA at death or current value when claiming APS. The amount you can contribute can therefore be higher than the sum you receive from the old provider.

There are time limits on claiming/exercising APS - use it or lose it!