ISA's and Additional Permitted Subscriptions

broju

Having (I think!) made the decision to apply for APS on my husband's cash and investment ISA's and remain with the current provider's (I think!) I am completing the application form with IWEB  re his Investment ISA and I'm unsure which box to tick regarding the value.  There is a choice of 'Value as at date of death' and 'Value as at date of closure'. 

There is  accompanying information which states:

Any ISA's held by the deceased may remain open as a continuing account, often referred to as a continuing ISA.  The APS allowance is equal to the value of the deceased's ISA(s):

    at the date of death (including any interest accrued to that date where applicable; or
    at the date the account(s) cease to be a continuing ISA (including any interest accrued to that date where applicable) 

The account will cease to be a continuing ISA on the earlier of the following:
    administration of the deceased's estate is complete
    the ISA is closed
    three years after the death of the account holder

The surviving spouse/civil partner can choose to take their APS allowance immediately and use the date of death value.  Where the surviving spouse/civil partner takes the APS allowance on or after the date of closure, the APS allowance will be deemed to be the higher of the two values.

Please can someone with a clearer head than mine, guide me? 
I am doing the Probate myself but now I'm wondering if I'm stumbling over this area what might lie ahead??    

SeniorSam

You simply need the value at date of death. After Probate has been granted, if required, the spouse can either encash them or keep them as additional ISA's with that additional allowance. So, the surviving spouse not only has their own ISA allowance, but can continue to hold the ISA's of the deceased as if they were their own.
Hope this helps