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.”