The government has set out the rules for inheritable ISA allowances, including added flexibility allowing the beneficiary to choose a different manager.
In the 2014 Autumn Statement, chancellor George Osborne announced that ISAs could be passed on to surviving spouses when a saver dies.
The Treasury and HM Revenue & Customs have now set out the full guidelines on how the inheritable ISA regime, which comes into effect on 6 April, will work.
In particular, while the original proposal held that the surviving spouse had to use the same ISA manager as the deceased’s ISA, it will instead be possible for the surviving spouse to use the ISA of their choice.
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