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Telephone: 01509 670918      email: enquiries@isa-ltd.co.uk

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The Government has announced that if an ISA saver in a marriage or civil partnership dies, their surviving spouse or civil partner will inherit their ISA tax advantages. They will be able to invest as much into their own ISA as their spouse used to have by way of an additional allowance (equal to the value of the deceased saver’s ISA holdings on their date of death), on top of their normal allowance. Spouses will be eligible for this additional allowance where the ISA holder has died on or after 3 December 2014 and will be able to invest their additional ISA allowance from 6 April 2015.

Do note that this is about giving the surviving spouse an additional ISA allowance only. It is not about giving the deceased’s assets to the spouse on death and these will be distributed under the normal rules of succession whether through will or intestacy. The spouse will be entitled to the additional ISA allowance even if the assets have been left to someone else, or have been used to meet expenses from the estate. No one else will be entitled to this allowance, even if they have received the assets from the ISA. Of course, in many circumstances it will often be the spouse that does inherit.

The Government will undertake a technical consultation early in the New Year to discuss draft legislation and how things will operate in practice.

On top of this, ISA and Junior ISA allowances for 2015/16 were increased to £15,240 and £4,080 respectively.

For further information please contact us on 01509 670918 or e-mail enquiries@isa-ltd.co.uk

Telephone: 01509 670918      email: enquiries@isa-ltd.co.uk

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Past performance is not necessarily a guide to the future. The value of investments and the income from them can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. All products purchased through Individual Savings Accounts Ltd should be regarded as medium to long-term investments. Individual Savings Accounts Ltd offers an execution-only service. If you require investment advice you should contact an expert adviser. Tax assumptions are subject to statutory change and the value of tax relief (if any) will depend upon your individual circumstances.
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