Policy paper

Draft legislation: the Individual Savings Account (Amendment) Regulations 2017

This draft legislation extends ISA tax advantages to investments held within an account after the death of the account holder.

Documents

Draft regulations: the Individual Savings Account (Amendment) Regulations 2017

This file may not be suitable for users of assistive technology. Request an accessible format.

If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email different.format@hmrc.gsi.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Explanatory memorandum to the Individual Savings Account (Amendment) Regulations 2017

This file may not be suitable for users of assistive technology. Request an accessible format.

If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email different.format@hmrc.gsi.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Details

This draft legislation amending the Individual Savings Account (ISA) regulations will extend ISA tax advantages to investments held within an account after the death of the account holder.

It will provide that, subject to certain time limits, personal representatives and beneficiaries or legatees should not face Income Tax or Capital Gains Tax on investments retained in an ISA during the administration of a deceased saver’s estate.

This technical consultation will be of interest to ISA investors and managers.

The draft regulations have been published together with a draft explanatory memorandum for a period of technical consultation.

Any comments on these draft regulations should be sent by email to savings.audit@hmrc.gsi.gov.uk by 7 April 2017.

This measure was first announced at Autumn Statement 2015.

Published 8 February 2017