Autumn Statement: Pass your ISA investments to your spouse or civil partner tax free

3rd December 2014


Isa investors will be able to pass on their ISAs tax free to their spouse of civil partner under plans announced in the Autumn Statement.

Julie Hutchison, Savings and Tax Expert at Standard Life says: “Today’s ISA news means that married couples and civil partners will get continuity of tax treatment, when it comes to an ISA allowance inherited from their spouse or civil partner, and we await the Finance Bill for more details.”

Chelsea Financial Services managing director Darius McDermott says: “We commend Mr Osborne’s announcement that widows and widowers will be able to inherit ISAs tax-free. Previously, it was the case that ISAs lost their tax-free status when passing to a spouse. This is a further reason for investors to use an ISA, which has proved an excellent vehicle for savings and investments.

“This announcement will also come as a big relief to the older generation of ISA clients who tend to take income from their ISA portfolio. The surviving spouse can now continue to enjoy this income tax free. This is even more important at a time when bank deposit rates are at record lows and finding high-yielding investments has become more difficult.”

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