Inheritable ISAs - A New Option
An important tax change should not be overlooked by the executors and beneficiaries of an estate as well as by those advising them. This provision applies to the estate of any ISA investor who died on or after 3rd December 2014.
With effect from 6th April 2015 a new option is available when dealing with the estate of a deceased investor who has accumulated funds in an Individual Savings Account. The benefit of the tax shelter need not be lost as it can now be transferred to the surviving spouse (or civil partner). Preserving this tax benefit may be very important for the survivor who will incur no personal income tax liability on dividends and interest and no capital gains tax on the any gains realised in the ISA portfolio.
Taking the right advice, at the right time, could lead to a substantial tax reduction on future returns from savings and investments. Don’t miss this valuable opportunity!
SWLaw Investment & Financial Planning