ISAs will retain tax-free status on death

Chancellor George Osborne announced today that ISAs will retain their tax-free status when transferred after death.

In today's Autumn Statement, the Chancellor said ISAs would keep their tax-free status when they are passed onto spouses after the holders' death. Previously ISAs lost their tax-free status when they were passed on. From 6 April 2015, surviving spouses will also be able to invest as much into their own ISA as their spouse used to have, on top of their usual allowance. He will also increase the ISA allowance from £15,000 to £15,240 next April.  The annual limit for Junior ISAs and Child Trust Funds will increase from £4,000 to £4,080. In March's Budget, Osborne announced a major sha...