ISA's and costs for probate

JJDragonLivigno

With an ISA (Shares) - can you put any costs involved in buying shares for an ISA against the total of them?
Thanks for any help
JJ

p00hsticks

For probate purposes, the value to be entered is the value of the holding as at the date of death. you can't deduct buying and selling costs. If the death was at a weekend, you can opt to use either the closing price on the Friday or the opening price on the Monday. I'm not sure if you can 'mix and match' as to which date you use if you have a number of different shares/ funds though in order to use the best price for each individual share, or if you have to value them all as at the same date.

http://81.144.160.101/inheritancetax/how-to-value-estate/shares.htm

[edit] The forum has a dedicated 'Death, Funerals, and Probate' board that you may also find useful for similar queries.

https://forums.moneysavingexpert.com/categories/deaths-funerals-probate

numbersrule

JJDragonLivigno said:

With an ISA (Shares) - can you put any costs involved in buying shares for an ISA against the total of them?
Thanks for any help
JJ

Why would you be buying shares in Probate?
When I went through Probate for my late Uncle, all share accounts were frozen in terms of transactions until closure at end of Admin period.  Then you are either selling or transferring, not buying.  
The cost / fees for selling / closing is normally taken off the sale value, so is in effect an allowable expense set against the income and gains for the estate administration  period.

Keep_pedalling

No you can’t claim costs for disposing or transfer of assets. If your father left these to you mother it does not matter anyway as it would be covered by spousal exemption. 

numbersrule

Yes you can claim costs for disposal or transfer of assets so long as the cost claimed has effected a higher tax liability as a result of the disposal or transfer.

masonic

The OP needs to clarify exactly what they mean, as it appears they are referring to costs incurred by the deceased while they were alive and building the portfolio (perhaps incurred gradually over decades).