The Chancellor has now announced an additional
ISA allowance for spouses or civil partners when
an ISA saver dies. From 6 April 2015, surviving
spouses will be able to invest the inherited funds
into their own ISA, on top of their usual allowance.
This measure applies for deaths from 3 December
The ISA annual allowance is currently set at £15,000 per annum to tax year 2014/15. From April 2015 this will rise to £15,240.
Mark’s comments: From PEPs to TESSAs to ISAs to NISAs these have been an excellent vehicle for building tax free funds since 1987 whilst remaining onshore in the UK. The above changes only serve to make this method of saving even more attractive. Long may it continue!