Helen Vorley, F.CILEx Fellow of the Chartered Institute of Legal Executives in Astle Paterson’s Wills & Probate department discusses a tax break for couples and their ISAs.
Helen said “It appears to have gone unnoticed by a good number of people, but as of 3rd December 2014 a person, on their death, can effectively pass their ISA to their surviving spouse or civil partner.
Prior to this date their ISA had to be closed and became subject to tax.
Under the new rules the surviving spouse will be able to open a new ISA in their name from the proceeds of their spouses ISA or use that money to top-up their existing ISA so that it remains free from income tax or capital gains tax.
As well as having your own ISA allowance you will also have an additional allowance from the ISA that you inherit.”
Helen concluded “Couples should check their Wills to ensure that their ISAs are left to each other in order to benefit from this tax break.”
At Astle Paterson we are best placed to advise on planning for your future. Please contact Helen Vorley of Astle Paterson’s Wills & Probate department on either 01283 531366 or by way of email at firstname.lastname@example.org to discuss matters further.
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Astle Paterson, Clay House,
5 Horninglow Street, Burton upon Trent
Staffordshire DE14 1NG
Tel . 01283 531366
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