Hoping someone can resolve an office debate!
Mr Smith died leaving an ISA with a probate value of £200,000, so Mrs Smith has this amount as an Additional Permitted Subscription. She choses to use her APS with the same ISA manager so an in-specie transfer is made directly from the Executor's account to Mrs Smith's ISA (for simplicity let's assume it's all invested into one fund). In the interim the value of Mr Smith's (ex-)ISA has risen to £250,000. Therefore there is a gain of £40k on the £200k transferred in specie.
Who is liable for CGT on this gain?
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