Inheriting ISAs

For deaths on or after 3rd December 2014 a surviving spouse or civil partner now has the benefit of an additional ISA allowance based on the value of their deceased spouse or civil partner at the time of death.

The survivor must have been living with the deceased at the time of his or her death and it should be noted that cash ISAs and stocks and shares are treated differently under these new rules. It is necessary for the survivor to inherit any stocks and shares ISAs if they want to keep the actual investments of the deceased.

For further information or to discuss how these new rules affect your own estate planning, please contact us for a free initial consultation.

Nicola Sunderland is a Trust and Estate Planning Practitioner in the Private Client team at Barker Gotelee, Suffolk solicitors.