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Murray Beith Murray is a leading Scottish private client law firm.

For over 170 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.

2 minutes reading time (345 words)

Inherited Isa: What spouses need to know to avoid unnecessary tax

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According to David Thorpe of the FT Advisor, it seems a lot of people are missing out on an important tax break when it comes to inheriting a deceased spouse’s Isa accounts:-

https://www.ftadviser.com/investments/2019/01/02/bereaved-savers-needlessly-pay-tax-on-inherited-isa-cash/

The benefit of an Isa is that it is free of Income Tax and you pay no Capital Gains Tax on the increase in value. This provides a valuable tax free wrapper. Before 2015 when you died, this tax wrapper was lost. This all changed with the Budget in 2015 which introduced the Additional Permitted Subscription (APS).

This rule allows you to expand your Isa allowance by the value of your deceased spouse’s Isa accounts. This is a one off allowance and is an efficient tax wrapper for protecting inherited wealth. From April 2018, you can now choose the value of your spouse’s Isa accounts at his/her date of death or the value when the accounts are closed. Importantly, the APS is available to you, as the surviving spouse, whether or not you inherit your spouse’s Isa accounts.

So why are only a fraction of spouses claiming this allowance? It looks like there is a lapse in communication with Isa managers and people being caught up in red tape with the claims process. These problems are more likely to occur when solicitors are not instructed to assist with the estate administration. This is something to keep in mind as claiming your allowance will prevent you or your family paying any more tax than needed.

Expert Asset Protection Solicitors, Edinburgh

If this blog has raised any questions and you would like to discuss this, or any other matter, please get in touch with Murray Beith Murray today using the Enquiry Form or call us now on 0131 225 1200 .

We are one of Scotland’s leading private client law firms. For over 170 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies. Our approach to client service is friendly and responsive, and we operate with the highest standards of integrity and professional expertise.

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