JM Finn 2019 in pictures...

 Images clockwise from top left: Our continued sponsorship of Surrey CCC; Race sponsors at various point to points; Supporting a charity clay pigeon event; Annual golf day at the New Zealand Golf Club; Spring Conference at the Royal College of Physicians; Sponsor of celebrity cricket match to support Rwanda Aid.                         

Reminder of ISA rules regarding the death of a surviving spouse/ civil partner, or an ISA holder with no spouse/civil partner.

Changes brought in last year have extended the tax advantages of an ISA in the event of the death of an ISA holder.

For an ISA investor who died before 6 April 2018, the ISA loses the tax-free status, and income and capital gains tax will be payable on the assets held within the ISA from the date of death.

The changes mean that in the event of the death of an ISA investor, on or after the 6th April 2018, the ISA will be designated as a ‘continuing account of the deceased investor’ or ‘continuing ISA’. The ISA will continue to be exempt from income and capital gains tax until the earlier of:

  • closure of the account
  • the completion of the administration of the investor’s estate or
  • the third anniversary of the investor’s death

When the ISA ceases to be a ‘continuing ISA’, the account will no longer be exempt from tax. In both instances, the ISA can remain invested as long as the ISA provider’s terms and conditions allow it (which JM Finn’s do) but no further subscriptions can be made.

Understanding Finance

Helping clients understand what we do is key to building relationships. To explain some of the industry jargon that creeps into our world, we’ve pulled together a section of our site to help.

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Summer Issue Twenty Seven