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Cash Accounts: Dealing with ISAs or PEPs

ISA or PEP Accounts

You can set up a Cash Account to keep track of money going in and out of any ISA or PEP.  However, as money invested in these loses its tax-free status on death, institutions usually transfer the funds into a new (usually low-interest) savings account. 

Within Probate Plus: 

1. List the ISAs and PEPs as assets

2. Create a Cash Tracking Account for the new savings account created by the bank after death.

3. Realise the ISA or PEP into the new Cash Tracking Account (realise more than one account into it if necessary, to reflect what's happened in reality where more than one accounts' proceeds are pooled together).

 

Click here to learn about setting up a cash account

 

 

 

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