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Spouses and Civil Partners can now receive the full tax benefits of their late spousesí or civil partnerís ISA on death

December 2014

Following the Governments autumn statement, ISAs can now be passed onto a spouse or civil partner free of Tax.

Prior to the budget, on the death of the ISA holder the funds contained within became subject to both Income tax and capital gains tax.

It is estimated that some 150,000 people each year lose out on the tax benefits of their spouseís/civil partnerís ISA when they die.

From hereon, when an individual who is married or in a civil partnership passes away their tax benefits can pass onto their spouse or civil partner. This means the surviving spouse or civil partner can have an additional one time only ISA allowance equivalent to the amount their deceased spouse or civil partner held in their ISA at the date of their death.

For advice on any aspect of estate planning please contact us.

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