From the 6th of April 2015 the spouse or civil partner of anyone who died from 3rd December 2014 onwards and held an ISA at the time of death, may apply to have the allowance added to their own ISA. This is called ‘Additional Permitted Subscription’ which is referred to as APS.
Please note, this is not inheriting the actual money in the ISA. That follows the normal estate process. Where the death of the ISA holder occurred on or before the 5th April 2018, the value of the allowance will be equal to the value of the ISA balance including all interest at the date of death. Where the ISA holder has died on or after the 6th April 2018, the allowance can be the higher of the value of the ISA balance including all interest at the date of death, or the value of the ISA balance at the point the ISA is no longer a “continuing account”. An ISA account is no longer a “continuing account” when the administration of the estate is complete, the ISA is closed, or 3 years have passed since the date of death – whichever is earliest. Please note, if the estate takes more than 3 years to settle, interest earned after this is taxable so will not count towards the APS.”
To apply please print, complete and return this form to:
NatWest
Retail Processing Operations
Chatham Waterside Court
Chatham Maritime
Chatham
ME4 4RT
We will check the information provided and write to you within 30 days with your exact entitlement along with details of how to fund your own cash ISA. Please do not fund yourself outside of this process as it will result in your normal annual ISA allowance being used rather than your APS allowance.
For further information on we how can help during the difficult period following the death of a loved one, find out about our Bereavement Service.
