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Access to saving account and stocks & shares ISA
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lake888
Posts: 32 Forumite

Can an executor have access to a deceased person's cash in a bank account or stocks & shares ISA before paying inheritance tax? Thanks.
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Comments
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It will depend on the provider of the account. Some banks allow access without probate up to a given value. Some banks insist on probate before any access, in which case you will have to pay any IHT prior to obtaining probate.
Kind Regards,
Bill1 -
If the amount in the account is below the level that the financial institution will release without probate the yes the executor can get the amount held released to them. If probate is required to release it then IHT will need to be paid and probate obtained before it is released.
If needed to pay IHT you could use the direct payment scheme to have the money released direct to HMRC.1 -
So is direct payment a common practice and straightforward?0
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lake888 said:So is direct payment a common practice and straightforward?
https://forums.moneysavingexpert.com/discussion/4645917/iht423-iht-direct-payment-scheme#latest
The scheme was extended to investment platforms ( last year I think), and it is understood the likes of HL and AJ Bell have now signed up to assist.0 -
I've used direct payments recently and it was very straightforward apart from the one bank that I sent two IHT423s to and somehow the first page of the second one wasn't scanned so wasn't paid. That was very quickly rectified once I got in touch with them though.
There are a few places that don't support direct payments though. We were planning to use an Investec savings account, but they don't support direct payments. Fortunately we had NS&I available as an alternative. Investec can also be quite frustrating as they can only be contacted by email and response speeds have varied from one day to two weeks (and then only when I chased).1
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