hi there, i have an ISA that i have been gradually filling up over the years. One thing that i'm not sure about is handing this ISA over to relatives, is it possible to transfer an isa or when i pass away is it possible to pass on to loved ones and not pay IHT, if someone could clear up that would be great.
Many thanks
Questions And Answers
Passing on an ISA
asked by
Espes Gold
posted 1 Years ago at 10:25
1-2 of 2 Answers
Mark Coomber answered 1 Years ago at 9:00
The short answer is 'No'. The tax-free status of any ISA's would die with you and the proceeds would form part of your estate just like your other assets.
Quote:
Andrew Diver answered 1 Years ago at 8:42
Mark is right. People often assume ISAs are completely tax free but they aren't inheritance tax free. They can actually be a useful investment to dispose of without tax implications to purchase IHT efficient investments if an individual is likely to have an estate in excess of the nil rate band (currently £325,000)
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