How to Value an ISA for Probate: Cash ISA, Stocks & Shares ISA

ISA Status on Death

When the ISA holder dies, the ISA enters a special transitional state. For a Cash ISA, interest continues to accrue but interest accrued after death is subject to income tax (it is no longer sheltered). The ISA effectively becomes a taxable savings account from the date of death.

For a Stocks & Shares ISA, HMRC introduced "continuing account of deceased investor" rules, allowing the wrapper to continue for up to 3 years after the date of death (or until the administration is complete if sooner). During this period, the investments remain within the wrapper and growth continues to be tax-free. This can be useful if the estate takes time to administer.

Valuing a Cash ISA

Contact the bank or building society holding the Cash ISA in writing, providing:

• A certified copy of the death certificate.
• The account number(s).
• A request for the balance as at the date of death.

The bank will issue a written confirmation of the balance. This figure is used directly as the probate valuation. Interest that had accrued but not yet been credited at the date of death should also be included (the bank will confirm this).

Valuing a Stocks & Shares ISA

A Stocks & Shares ISA is valued at the bid prices of all holdings on the date of death. Contact the ISA provider (e.g. Hargreaves Lansdown, Fidelity, AJ Bell, Vanguard) and request a "date of death valuation statement." Most providers will generate this automatically once notified of the death.

If the ISA holds directly listed shares, these are valued using the quarter-up rule as described in our guide to valuing shares for probate. If the ISA holds unit trusts or OEICs, these are valued at the bid price on the date of death.

The Additional Permitted Subscription (APS) Allowance

This is one of the most valuable planning tools available to surviving spouses and civil partners. The APS allows a surviving spouse to subscribe an additional amount into their own ISA equal to the value of their late spouse's ISA at the date of death — effectively inheriting the ISA wrapper.

Key points about the APS:

• The APS is in addition to the surviving spouse's own annual ISA allowance (£20,000 for 2025–26).
• The APS must be claimed within 3 years of the date of death (or 180 days after administration is complete, if later).
• The surviving spouse does not need to inherit the ISA assets themselves — they just need to subscribe equivalent cash into their own ISA.
• For a Stocks & Shares ISA, it may be possible to transfer the investments in specie (i.e. as investments rather than cash) if the same provider is used.

Inform surviving spouses of the APS opportunity early in the administration — the 3-year deadline can pass quickly, particularly in complex estates.

ISA and Inheritance Tax

There is no inheritance tax exemption specifically for ISAs. The full value of the ISA at the date of death is included in the taxable estate alongside all other assets. The IHT nil-rate band and any other exemptions apply to the whole estate, not specifically to ISA assets.

For the inheritance tax calculation and how thresholds work, see our inheritance tax guide for 2026–27.

Reporting ISAs in IHT400

ISA values are reported in the appropriate schedule of IHT400:

• Cash ISAs are reported in Schedule IHT406 (bank and building society accounts).
• Stocks & Shares ISAs are reported in Schedule IHT411 (listed stocks, shares, and investments).

For a complete guide to completing IHT400, see our IHT400 form guide.

Closing the ISA

Once probate is granted, you can close the ISA and transfer the proceeds to the estate account. Alternatively, if the ISA is being passed directly to a beneficiary, the ISA provider may allow direct transfer (contact them to check their process).

Note that once an ISA is closed or transferred out of the wrapper, the tax-free status is permanently lost for that beneficiary — they cannot re-shelter the proceeds unless they use their own annual ISA allowance.

For the broader process of collecting assets after probate, see our guide to collecting bank accounts after probate and our estate administration checklist. Start your personalised task list with our free estate administration tool.

Related Guides

• Executor First Steps
• IHT400 Form Guide
• Complete UK Probate Guide 2026