Q&As

A owns an ISA held by investment managers and wishes to pass this as a tax free fund to his spouse. It will form part of the residuary estate in which the spouse is left a life interest. The executors have power of appointment and could pass the ISA to the spouse but will it lose the tax exempt status in the process?

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Published on LexisPSL on 10/12/2018

The following Private Client Q&A provides comprehensive and up to date legal information covering:

  • A owns an ISA held by investment managers and wishes to pass this as a tax free fund to his spouse. It will form part of the residuary estate in which the spouse is left a life interest. The executors have power of appointment and could pass the ISA to the spouse but will it lose the tax exempt status in the process?

A owns an ISA held by investment managers and wishes to pass this as a tax free fund to his spouse. It will form part of the residuary estate in which the spouse is left a life interest. The executors have power of appointment and could pass the ISA to the spouse but will it lose the tax exempt status in the process?

See Practice Note: Individual savings accounts, in particular the section entitled ‘Individual savings accounts—Inheriting ISAs of a deceased spouse or civil partner’.

This Practice Note explains that, from 6 April 2015, for deaths which occurred on or after 3 December 2014, a surviving spouse or civil partner is granted an additional ISA allowance (the additional permitted subscription allowance) equivalent to the value of the

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