ISA Image March Blog

ISA Image March Blog

 

Jaskarn Pawar of Investor Profile explains what will happen to your ISA when  you die…

 

Prior to April 2015,  your ISAs would pass to your nominated beneficiaries, e.g. your spouse or children, but the money loses its tax status. That is – the money would be passed to you but wouldn’t be within an ISA account.

However, from April 2015 the Government announced that any ISAs that are passed on death to a spouse in a married couple or civil partner can be done so with the ISA status intact. So if you’re married or in a civil partnership the ISAs can be passed on as ISAs.

This means the surviving spouse can continue to benefit from the attractive tax treatment on income and gains on assets within an ISA.

The bad news is that if you’re not married then the old rules will still apply and the ISA will only pass to you as a normal asset, e.g. to be held outside of an ISA.

 

For more information on this subject, please do not hesitate to contact Jaskarn Pawar at Investor Profile on 01604 211234.

 

Blog by Jaskarn Pawar

Jaskarn Pawar is an experienced and award winning Chartered and Certified Financial Planner. He advises people all over the UK on financial planning and wealth management issues to help them reach solutions to fit their personal needs. You can contact Jaskarn on 01604 211234 or by e-mail on jaskarn@investorprofile.co.uk