As of 6th April 2018, it has become even more beneficial for couples to invest in an Individual Savings Account (ISA), as new government regulations have further extended ISA tax protections for surviving spouses and civil partners, following on from the April 2015 amendments.
This is great news for couples, but these regulations are complex, and the following serves as a basic breakdown:
ISA savings could be inherited through Wills or the Rules of Intestacy but…
Surviving spouses or civil partners can inherit ISA savings from their deceased partner without losing tax protection
All types of ISA (excluding the Junior ISA) turn into a ‘continuing account of a deceased investor’ upon the deceased’s death.
E.g. If the value is £13,000 at the time of death and £13,500 when passed on, the APS will be £13,500. If the value is £13,000 at the time of death and £12,500 when passed on, the APS will still be £13,000.
This is by no means a comprehensive breakdown of the rules and we strongly advise seeking professional advice before investing.
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