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

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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

Hello David, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. 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 5 months ago.
Many thanks. This assume no ISA value limitation-say value of deceased over £280k. D

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

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