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HMRC internal manual

Inheritance Tax Manual

HM Revenue & Customs
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Stocks and shares: valuation: ISAs

An ISA is a financial product for personal investors to contribute a limited annual amount to an investment account. Income from an ISA is exempt from Income Tax. Only shares listed on a recognised stock exchange may be held in an ISA.

If the deceased held any shares in an ISA the taxpayer will include them on the IHT411 (IHTM18011), or on form IHT417 if foreign (other than those listed on the London Stock Exchange). Value the shares in the same way as other shares.

The taxpayer should declare and include separately any cash or insurance policies held in an ISA in the IHT400(IHTM10021) or IHT100 (IHTM10501).