Policy paper

Draft legislation: the Individual Savings Account Regulations (surviving spouses)

This draft regulation sets out how changes to the ISA rules relating to the transfer of benefits to the surviving spouse or civil partner upon death will operate.



HM Revenue and Customs has published, for external comment, a draft Statutory Instrument, Tax Information and Impact Note, and explanatory memorandum concerning the transfer of Individual Savings Accounts (ISA) benefits to the surviving spouse or civil partner upon the death of the ISA holder.

These regulations provide for the spouse or civil partner of a deceased ISA saver to receive an additional ISA allowance up to the value of the deceased’s ISA savings at the time of death. They also provide that the additional ISA allowance does not count against the surviving spouse’s/civil partner’s annual ISA subscription limit and update ISA manager reporting requirements to reflect this additional allowance.

Any comments on these draft regulations should be sent by email to simon.turner@hmrc.gsi.gov.uk by 20 February 2015.

Postal address:

Simon Turner
Specialist Personal Tax
Savings Scheme Office S0708
PO Box 201
L69 9AJ

Published 20 January 2015