This account is designed to enable a surviving husband, wife or civil partner to save money within a tax-free cash ISA by making use of an additional ISA allowance based on the amount in their deceased husband's, wife's or civil partner's ISA.
Under the HM Revenue & Customs (HMRC) ISA regulations, you have a choice about how you want to use the ISA allowance you have inherited from the Deceased. For each Deceased's Account where you choose to use the associated ISA allowance, you'll decide whether you want to stay with the ISA manager of the Deceased's Account or whether you want to move the ISA allowance you have inherited to another ISA manager (including to us). You cannot pay in money towards the ISA allowance with a second ISA manager after you have opened an account for your ISA allowance with a first ISA manager.
'Deceased' means an individual who was your spouse or civil partner; who died on or after 3 December 2014; with whom you were living at the date of their death and who, at the date of their death, held an ISA.
'Deceased's Account(s)' means the ISA(s) which the Deceased held with us or with another ISA manager at the date of the Deceased's death.
'Inherited ISA Allowance' means the maximum amount, in aggregate, that can be paid into your Inheritance ISA with us which equates to the Value of the Deceased's Account(s) that you choose to have with us.
'Permitted Period' means the period of time beginning with the date of the Deceased's death and ending either:
- three years later; or
- 180 days after the administration of the estate is complete, whichever is the later.
For the purposes of calculating the Permitted Period, where the Deceased died in the period beginning 3 December 2014 and ending on 5 April 2015, the date of death will be taken as 6 April 2015.
‘Value’ means the value of the Deceased’s Account(s) calculated either:
- at the date of death; or
- (where the Deceased died on or after 6 April 2018 and the Deceased’s Account(s) remains open following the date of death and before you open an Inheritance ISA with us) at the earliest of the following dates to occur:
- the date that administration of the Deceased’s estate is completed; or
- the day falling on the third anniversary of the date of death; or
- the date of closure of the Deceased’s Account(s).
Please note that where the Deceased died on or after 6 April 2018 and the Value has been calculated in accordance with (a) and money has been paid into your account towards this Value, it is not possible to recalculate the Value in accordance with (b) at a later date.