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.
This measure was first announced at Autumn Statement 2015.