APS

A visually appealing illustration of a financial advisor discussing APS and Legacy ISAs with clients, surrounded by financial documents and calculators, in a modern office setting.

Test Your Knowledge on APS and Legacy ISAs

Are you familiar with APS and Legacy ISAs? Take this quiz to test your understanding and see how well you know the rules and allowances surrounding these financial products!

8 multiple-choice questions
Learn and improve your knowledge on Legacy ISAs
Find out how much you really know!

8 Questions2 MinutesCreated by InformedAdvisor579

What does APS stand for?

Additional Potential Standard

Additional Permitted Subscription

Allowance Potential Sum

Another Prescribed Subscription

How long does a spouse have to use up the APS allowance from date of death?

1 Year

2 Years

3 Years

4 Years

What forms are needed to open a legacy ISA with us and transfer in an allowance from another provider?

Legacy ISA App & APS Paying in form

APS Transfer Authority Form & Paying in Form

Legacy ISA App only

Legacy ISA App & APS Transfer Authority Form

Spouse of deceased opens a Legacy ISA with us and transfers their allowance of 50k to us before adding 25k into the account. They then decide to move it to a normal cash ISA. Would this effect their APS allowance?

The customer would lose the 25k allowance they had remaining and would not be able to use it.

The customer could pay in the 25k APS allowance into the cash ISA.

The customer would not lose the APS allowance but would have to open a new Legacy ISA to pay in the remaining.

The customer can pay in 50k into the new ISA.

What figure is the surviving spouse eligible to deposit into a Legacy ISA.

The balance of deceased ISAs at the date of death

The balance when they closed the deceased ISA including any extra interest accrued after death

£20k a year

However much they want just can't go over product limit of 1 million

If a customer opens a legacy ISA but wants to pay in £1000 a month until they hit the max allowance, what paperwork is needed with each extra £1000 Payment

Legacy App form each time

APS TAF each time

APS Paying in form each time

They dont need any paperwork

A customer opens a legacy ISA product and pays in the full allowance. They want to siwtch it to a on sale 5 years fixed ISA. Can they do it and what paperwork would they need if so?

Yes, can request over the phone and we can send a workflow for the product switch

Yes, they would need to complete a ISA Amal/ Reval form and send to us

Yes, they need to complete an ISA application form and ask for funds to be moved over

No, they can't do this

Test Your Knowledge on APS and Legacy ISAs

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