How Many Isas/type Of Isas

[taichiperson]

I'm currently waiting for probate on my mothers' affairs. I effectively looked after her financial affiars after Dad died, which consisted of getting together all her banks statements etc and taking them to her accountant to be sent off to HMRC. Now looking in detail at her finances, I have discovered that she not only had a Cash ISA and a Stocks and Shares ISA, but another odd one has surfaced. Looking at the pamphlets and statements sent annually it's referred to as 'ICVC' and OEIC', not 'cash' or 'stocks and shares'.
I'm genuinely confused as up until recently I did not know that you can only have two ISAs - one cash and one stocks and shares. I'm concerned that I've inadvertedly done something wrong as I never looked in detail at her affairs. Every year I sent all documents into the accountant - you would think that they might have spotted anything suspect - ie three ISAs, although when the accountant dealing with her affairs changed, she said she didn't need to see the ISA statemnts as they are not taxed, of course.

Have I been negligent in not looking more closely at her affairs? My own money matters are very simple, I do not have an ISA myself, only current and savings accounts and a couple of small building society accounts. Any advice?

[ubasses]

ICVC OEIC are basically the same thing, Open ended Investment Companies. Think old fashioned Unit Trusts. You can have as many Isa's as you like as long as they all relate to different tax years.

[woofgang]

I am not sure you can get into trouble for something your parents did. You didn't open the ISA's or advise them about their affairs? I do think you/her accountant needs to add a covering letter to say that this has been discovered and you need advice as to how to proceed....I am guessing that any tax that should have been paid on savings will need to be paid from the estate.

[taichiperson]

Woofgang, I do have a memory of going into the bank with Mum and investing money in some odd thing - it was explained to us at the time and I understood it all at the time, but a month or so later it had all gone out of my head. Effectively I was there to help her understand but was a little foggy myself...

[taichiperson]

Ubasses - am not sure what you mean by different tax years. I paid some money into one of the accounts online, otherwise they had all remained untouched.

[ubasses]

Over the years there has been a rising limit on how much can be paid into an ISA in any 1 tax year. In the next tax year you can either pay up to this limit into any exisiting ISA that is held in your name. So if in the year the OEIC Isa was opened, no further funds were paid into the the pre-exsisting Isa's no laws have been broken, but as Wolfgang said the worst that will probably happen is the Estate will have to pay all the back tax.

[taichiperson]

Thanks all, I think I'm ok. I'll be all the wiser when I have to manage the money I'll get from Mum's estate.