Nationwide Building Society comments on Autumn Statement announcement re: inheriting ISA savings

26 November 2015

Andrew Baddeley-Chappell, Nationwide’s Head of Savings Policy: “We welcome the Government’s decision to once again look at the rules around inheriting ISA money because our figures suggest that a large number of people are struggling to understand the process as it currently stands.

“At what is no doubt already a difficult time for the surviving spouse, we believe the best approach is to allow a deceased person’s ISA savings to remain within their existing ISA wrapper during the administration of their estate.

“We look forward to working with the Government to help create a simple and streamlined process for savers to ensure they maximise the tax relief built up by their partner.

“However, in the meantime, we advise those currently eligible to utilise the current system to take advantage of their additional ISA allowance. Given the somewhat complex nature of the existing rules, it is important to plan ahead and understand what will happen and when. This is why Nationwide has produced an informative online guide to inheriting ISA money.”

About Nationwide

Nationwide is the world's largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.

Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 18,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.

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