ISA APS "limit" sounds like BS

[Pheidippides]

My FIL recently died and my MIL would like to apply for an APS for both.

As the amount is "over 50K" both Nationwide and Santander are refusing to act until Mrs Pheid gets probate (as executor)

I can find no mention of any kind of limit anywhere. Any lemonistas have any experience with this or do I need to call Head Office to get some clarity.

Regards

Pheid

[felixcanis]

There's info on the Nationwide site here http://www.nationwide.co.uk/support/support-articles/manage-your-account/isa-inheritance/isa-inheritance-about#tab:TheinheritedISAallowance

It states : Please note: the rules only apply to the transfer of an allowance and not the actual funds held within an ISA. The existing processes in place to move money held within the deceased’s ISA into the name of a beneficiary will still be followed.

The Nationwide require a copy of probate for the release of funds over £50K - so I expect the request they've made is following the 'note' I've copied above.

FelixC

[staffordian]

It sounds reasonable to me.

I'd assume that normal probate rules apply. The ISA wrapper surely doesn't negate the need for any financial institution to ensure that when assets are being transferred from one party to another following a death, it is in accordance with the will.

In my (admittedly limited) experience, banks will only act without probate where total assets don't exceed the ten to twenty thousand mark. I'd expect the additional subscription to be permitted as soon as the banks have seen that it's the proven wish of the account holder, ie after probate but I'm sure I have read elsewhere on these boards recently that some institutions don't seem to be up to speed on APSs so that might be a separate issue...

Staffordian

[Dod1010]

My FIL recently died and my MIL would like to apply for an APS for both.

As the amount is "over 50K" both Nationwide and Santander are refusing to act until Mrs Pheid gets probate (as executor)

I can find no mention of any kind of limit anywhere. Any lemonistas have any experience with this or do I need to call Head Office to get some clarity.

Regards

Pheid

I have no doubt that you are confusing the APS transfer (that is of the additional subscription allowance) with the transfer, or release, of the assets held in FIL's ISA. They are two quite separate issues, and quite a few ISA managers do not seem to now much about the APS. The APS as has already been said, is the transfer of the allowance only and once Mrs Pheid has secured that she can fund it any way she wants, but it is or should be dealt with quite separately from the transfer of the assets held in FIL's ISA.

Dod

[Pheidippides]

Good job I checked before mounting my high horse.

Thanks all

Regards

Pheid