It is not possible to put more than £20,000 a year into ISAs and in the rare instances where it does happen, there will likely be costly penalties imposed.

However, it is possible to inherit an ISA allowance from a deceased spouse.

If a person’s spouse or civil partner died on or after December 3 2014, they’ll receive an additional ISA allowance equal to the value of their ISA savings at the time of their death.

This means that on death, the ISA can be transferred to the surviving spouse, still held in the ISA wrapper for the rest of the surviving spouse’s lifetime.

READ MORE: ISA and mortgage rules have been changed – check now

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