How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4337
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

Within tax year of partner's death, can surviving spouse

Resolved Question:

Within tax year of partner's death, can surviving spouse transfer and thus re-invest partner's ISA's in survivor's name. Do specific gross value limits apply?.
Also, as tenants in common of 2nd property at time of death, is will IHT be payable on 50% of property value.
Many thanks (in advance)
David Cole
Submitted: 27 days ago.
Category: Tax
Expert:  bigduckontax replied 27 days ago.

Hello David, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Moneyfacts.co.uk have a useful summary on what happens when an ISA holder dies:

'In other words, you'll be entitled to an additional allowance that would cover the value of your partner's savings as well as your own. For example, if your partner had £50,000 in ISA savings, your ISA allowance for the year would be £70,000 (the value of your partner's savings and your own ISA allowance for the 2017/18 tax year, which stands at £20,000).'

When one tenant in common passes on their share as automatically transferred to the existing tensnt(s). IHT is thus avoided, This avoids the palaver of Trusts to hold such properties.

I do hope that you have found my reply of assistance.

Customer: replied 27 days ago.
Many thanks. This assume no ISA value limitation-say value of deceased over £280k. D
Expert:  bigduckontax replied 27 days ago.

The inherited ISA has no limit. The example gave an ISA of 50K, but it could be much more or less.

Please be do kind as to rate me before you leave the Just Answer site.

bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 27 days ago.

Thank you for your support.