ISA Rule to benefit Spouses
22 May, 2015
New rules came into effect in April which grant people additional ISA allowances following the death of a spouse or civil partner. For deaths after the 3rd December 2014 the surviving spouse or civil partner will now receive the deceased's one-off ISA allowance.
When a married or in a civil partnership ISA saver dies, the surviving partner is now entitled to an extra ISA allowance that is equal to their partner's Isa balance on the date they died.
- The one-off additional allowance is equal to the value of the ISA on the date of death
- Cash must be re-invested within three years of the spouse's death, or if later,180 days from completion of the administration of the estate
- The allowance can be re-invested with any ISA manager
- The ISA allowance passes to the spouse or civil partner even if the investments do not
- This does not effect their own ISA allowance for 2015/16 of £15240
For further information or advice please contact Peter Toner on 01772 220383 or email Peter Toner