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Any cash ISAs, Stocks & Shares ISAs, Innovative Finance ISAs and Lifetime ISAs your partner held will count towards your inherited ISA allowance. The only one that doesn’t count is a Junior ISA.
1. inherit an ISA allowance that is the value of your partner’s ISA(s) at the date of death
2. if your partner’s ISA(s) remains open and continues to earn interest, you can inherit an ISA allowance that is the value of your partner’s ISA(s) at account closure. Your partner’s ISA(s) can remain open up to three years after the date of death.
You will be able to use the higher of the two values as your inherited ISA allowance unless, under option 2, you start using this allowance before your partner’s ISA(s) is closed. When this happens, you will inherit an ISA allowance that is the value of your partner’s ISA(s) at date of death (the same as option 1).
The allowance is available for three years after your partner has passed away, or 180 days after the administration of the estate has been completed, whichever is the later date.
What else do I need to know?
- with multiple providers
(in separate accounts with separate inherited ISA allowances)
- with a single provider
(in one account where all of your inherited ISA allowances are combined)
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