Fundsmith Equity Fund
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694.48p T Class Acc, 20 Feb 26
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An ISA (Individual Savings Account) is a savings account available to UK residents on which the return is tax-free and which need not be declared on the investor’s tax return. All income (dividends and interest) and all capital gains within the account are free of tax. For the current year, 6 April 2025 to 5 April 2026 the overall investment limit is £20,000.

 

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Understanding Additional Permitted Subscriptions (APS) for ISAs

HOW IT WORKS

When someone with an ISA dies, their surviving spouse or civil partner receives an Additional Permitted Subscription or APS, an extra ISA allowance equal to the value of the deceased’s ISA, separate from the annual ISA limit.

Eligibility

You must have been the deceased's spouse or civil partner at the date of death and not legally separated. You do not need to inherit the ISA or any other assets to qualify for APS.

Time Limits

You have three years from the date of death to use the APS allowance, or 180 days after estate administration is completed (whichever is later). For in-specie transfers, the deadline is 180 days from inheriting the ISA.

Calculating Your Allowance

The APS allowance is based on the higher of: the value of the deceased's ISA at the date of death, or the value when it ceases to be a continuing ISA. Once confirmed, the allowance is fixed and cannot change.

Using Multiple ISAs

APS allowances are available for each ISA the deceased held. You may use them with a single APS ISA provider or split them across multiple providers of your choice.

Tax-Free Growth Continues

Your APS investment maintains the same tax-free benefits as any ISA. All growth, dividends and withdrawals remain free from income tax and capital gains tax.

No Impact on Annual ISA Allowance

The APS allowance is completely separate from your regular annual ISA allowance. You can use both in the same tax year without one affecting the other.

Understanding APS ISAs

To learn more about APS ISA, please watch this video and read our APS ISA Guidance document.
Understanding APS ISA with Fundsmith Play

Our fees explained

  • The funds charge annual management charges (AMCs) depending on the class of the fund. For example, the T Class (investments under £5 million) - 1.0% charge
  • This fee covers the management and administration of the fund.
  • The fund itself also incurs some costs that are set out in the prospectus.
  • There are no imposed fees such as performance fees, upfront fees, or fees for debt or derivatives.

Note

  • Direct debits are taken on the 1st day of each month and must be set up 10 working days before.
  • Shares should be considered a long-term investment, with a minimum recommended holding period of at least five years.
  • For more information about the Fundsmith's investment philosophy, please read the Owner's Manual that can be found at www.fundsmith.co.uk
  • For general questions on bereavement and APS allowances, contact the HMRC Bereavement Helpline: 0300 200 3300.
  • For Fundsmith-specific queries, call 0330 123 1815 or email enquiries@fundsmith.co.uk 
  • Before you invest, make sure to read Key Investment Information Documents for the Fundsmith Equity Fund and Fundsmith Stewardship Fund and if unsure about the suitability of the Fund for you, please seek professional advice.