There will be no impact on the spouse’s/civil partner’s own ISA annual allowance.

ISA accounts left to a spouse or civil partner will continue to pass IHT free as before – the transfer itself being covered by the spousal exemption. The continuing returns on a deceased partner’s savings will be tax-free. The combined value of a surviving partner’s ISA account will ultimately be included in their own estate for IHT. There will be no lifetime limit on ISA savings.

ISA Annual Allowance Increased for 2015/16

The annual allowance will increase to £15,240 from £15,000 from April 2015.

This commentary is our understanding of the Autumn Statement on 3 December 2014. It is for general information only and does not constitute advice. If you would like advice on ISAs, please do not hesitate to get in touch with us on 01392 875500 or info@SeabrookClark.co.uk