- Birchington
01843 842356 - Broadstairs
01843 868861 - Canterbury
01227 207000 - Margate
01843 234000 - Ramsgate
01843 595990
ISAs in Estates to be Tax Exempt
One of the issues that proves difficult for executors of deceased persons who have Individual Savings Accounts (ISAs) is that the interest on them is taxable once the owner has died.
Many of these accounts are small and, given that interest rates have been very low for years, the effort associated with the necessary tax compliance is disproportionate. The Government has recognised this and a statutory instrument, the Individual Savings Account (Amendment No. 3) Regulations 2017, has now been enacted which exempts ISAs from Income Tax for deaths after 5 April 2018.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.