Query re bereavement and ISA allowances please

brucefan_2

My wife, who passed away from cancer just under 3 weeks ago, had a range of Stocks & Shares and Cash ISAs from a variety of providers from previous tax years but had not contributed to a new ISA this tax year.

I think I more or less understand the regulations affecting 'Additional Permitted Subscriptions' but would welcome observations from anyone with better knowledge and/or experience of having gone through the process.

I believe that I can inherit my wife's previous years' ISAs in accordance with her will and these will pass to me, retaining all of each individual ISA's benefits, up to the level of her contribution in that year plus any accrued interest etc.,  However, as she had not contributed to an ISA this year, there is no additional allowance available to me. Is that correct or have I missed something?

I also have a query re: In-Specie transfers. My wife used for one ISA a few years back a platform, with which I don't have an account. Given that both platforms must agree to transfer/receive an in-specie transfer, would it make sense for me to open an account with that platform to ease things, and then potentially transfer out at a later stage, if I wish to.

With regard to Cash ISAs, my understanding is that providers 'lock' the account on receiving notification of death/certification etc., and the funds become a 'continuing ISA' until any inheritance is settled, following probate etc.,

Are providers obliged to do this? Or can they close ISAs, transfer the money in to a normal account as an interim measure, awaiting instruction.

Many thanks in advance for any comments you are able to make. If there is anything blindingly obvious, which I may have missed, I'd be grateful for your input.

Thank you!

sausage_time

So sorry for your loss.

Have you seen this page?

https://www.gov.uk/guidance/manage-additional-permitted-subscriptions-into-an-isa

It's aimed at ISA managers but generally useful I think.

I don't believe you can use the allowance from this year, hopefully others can comment and correct if I'm wrong.

There are some related threads on here, let me know if you can't find them.

brucefan_2

sausage_time said:

So sorry for your loss.

Have you seen this page?

https://www.gov.uk/guidance/manage-additional-permitted-subscriptions-into-an-isa

It's aimed at ISA managers but generally useful I think.

I don't believe you can use the allowance from this year, hopefully others can comment and correct if I'm wrong.

There are some related threads on here, let me know if you can't find them.

Thank you for the link  -  I'll have a good look at that tomorrow, when I'm a bit more awake.