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What happens to my ISA savings when I die?

When you die your spouse or civil partner can inherit your ISA savings and keep them with a tax-free status. The value of your ISA(s) will be calculated from the day you die. Your spouse or civil partner can apply to inherit your savings in the form of an allowance, which is also called an ‘additional permitted subscription’ or APS allowance. Your spouse or civil partner’s own individual ISA allowance (£20,000 for 2017/18 tax year) will be unaffected.

You don’t have to leave your spouse or civil partner your money in your will for them to benefit from the APS allowance. Instead, you could leave the savings you’ve built up to someone else in your will, for example, one of your children, and your spouse or civil partner will still be able to apply for APS allowance. Their APS allowance would be up to the value of your ISA, although your spouse or civil partner would need to use their own money to save into it.

If you have inherited your spouse or civil partner’s ISA(s), the APS allowance is only allowed if they died on or after 3 December 2014.      

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