McHale & Co. Solicitors Blog

New rules for transfer of Individual Savings Account (ISA) allowances to surviving spouse

The government announced new rules about the transfer of ISA allowances on death to the surviving spouse in March 2015.  The regulations apply to all deaths from 6th April 2015 onwards, however it is fair to say that the relevant financial institutions are only just beginning to understand how this would apply in practice.

In reality it may not be practical to make use of the additional ISA allowance from a deceased spouse as you may actually require access to the cash for day to day needs.  However if your spouse died with ISAs in place no matter how many or who with it may be worthwhile checking the regulations before making any decisions about whether to close the accounts and cash them in. 

Please get advice from your financial or tax advisor before proceeding and ask them to check the latest guidance issued by HMRC.

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