GLAM

If I choose to deposit £20k cash into my ISA account in Bank X in year one and then another £20k cash into the same ISA account in the same bank in year two, I would be most grateful for any advice you may give on the following questions: 1. In year one interest income from £20k cash is tax free while in year two all interest income from £40k (accumulated balance) is also tax free. That is, the tax free £20k annual allowance could be accumulated year by year, £60k for year three and so on. Is this correct? 2. In year one Interest income from £20k cash is tax free while in year two only 50% of interest income from £40k (sitting in the ISA account) is tax free. That is, the tax free £20k annual allowance could NOT be accumulated year by year and total tax free annual allowance will be capped at £20k each year. Is this correct?

I have a life insurance policy taken out in Hong Kong many years ago while my husband and child are beneficiaries to the policy. My husband and child are UK tax residents. I would be most grateful for any advice you may give on the following questions: 1. If I pass away, my husband and child (being beneficiaries of my life insurance policy) would receive the lump sum payout from the life insurance company based in Hong Kong. Are my husband and child required to report this lump sum payout and pay UK income tax or other tax on this payout received? 2. If I purchase life insurance policy in the UK instead of Hong Kong, would there be any difference on the UK tax implication or calculation for my husband and child (being beneficiaries of my life insurance policy) who receive the lump sum payout after my death?