Why are we doing this?
Recently, HMRC introduced changes to the operation of ISA Accounts in the event of the death of a customer.
In the event of death on or after the 6th April 2018, your ISA account will remain open as a ‘Continuing Account of a Deceased Investor’. This means that any interest earned on the account from the date of death will not be subject to tax. The account will remain as a ‘Continuing Account of a Deceased Investor’ until the earlier of the following –
- The completion of the administration of the deceased’s estate
- The closure of the account
- The 3rd anniversary of the death of the investor
If the account has not been closed or the administration of the estate has not been completed by the 3rd anniversary of the date of death, the account will cease to be an ISA Account and any interest earned after that date will become taxable in the hands of the estate.
You will have received a letter which details the changes to the Terms and Conditions. To view copies of these new Terms and Conditions, please click here. Please take some time to read what will change and how it will impact you.
If you have any questions when you’ve read these, please contact us on 0345 6005 925+ and we will be happy to help.
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