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ISA allowance question regarding Inheritance
VincentHanna
Posts: 13 Forumite
Hi folks, I have a question regarding inheritance and ISA allowances. Can ISA allowances be passed onto children from parents as part of inheritance?
I know that upon death that ISA's are cashed out and given as cash and passed onto children (which may be subject to tax) - however can the allowance be passed over?
So for example, if the parents passed over 10 ISA accounts maxed out at 20K each (200,000) - this would be cashed out and given to children. However would the allowance be passed on? ie, could the child invest in 10 ISA accounts if he wanted to from his own money?
I would doubt this but thought I'd ask, thanks.
I know that upon death that ISA's are cashed out and given as cash and passed onto children (which may be subject to tax) - however can the allowance be passed over?
So for example, if the parents passed over 10 ISA accounts maxed out at 20K each (200,000) - this would be cashed out and given to children. However would the allowance be passed on? ie, could the child invest in 10 ISA accounts if he wanted to from his own money?
I would doubt this but thought I'd ask, thanks.
0
Comments
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No, only a spouse, and that sort of marriage would definitely fall into the extreme moneysaving camp.
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Or civil partners.masonic said:No, only a spouse.0 -
I use the term spouse inclusively. It is a shame we don't have a simple term for the civil union that is independent of ceremonial aspects.Keep_pedalling said:
Or civil partners.masonic said:No, only a spouse.1 -
Spartner ?masonic said:
I use the term spouse inclusively. It is a shame we don't have a simple term for the civil union that is independent of ceremonial aspects.Keep_pedalling said:
Or civil partners.masonic said:No, only a spouse.1
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