What is the additional permitted subscription allowance?


7 September 2017

By Lisa Carter

The Additional Permitted Subscription (APS) allowance, also known as the Inherited ISA allowance, lets you make contributions to an Individual Savings Account (ISA) on top of your normal annual ISA allowance based on the ISA investments held by your spouse or partner on their death.

The APS is available if your spouse or civil partner died after 3rd December 2014. In general terms, this means you can contribute to your own ISA an amount up to the value of cash and investments held in your spouse or civil partner's ISA at the date of their death. 

There is a deadline for using the APS allowance and this is the later of;

  • 3 years from the date of death, or
  • 180 days after the estate is finalised.

All types of ISA products can be used towards the APS except for the Junior ISA. You can have a separate APS allowance for each ISA provider that your spouse or civil partner held ISAs with but can only register the total additional allowance with one provider.ISAs with but can only register the total additional allowance with one provider.

The APS allowance will not affect your own annual ISA allowance, the APS allowance works separately and you can use it with the same ISA provider as your own allowance or a different one.

If you would like to know more about the use of the APS please contact Jasmin Blackburn on 01245 228117.