AS14: ISAs to retain tax-free status on death

In the Chancellor's Autumn Statement delivered on 3 December, George Osborne said ISAs would keep their tax-free status when they are passed onto spouses after the holders' death. Previously ISAs lost their tax-free status when they were passed on. From 6 April 2015, surviving spouses will also be able to invest as much into their own ISA as their spouse used to have, on top of their usual allowance. He will also increase the ISA allowance from £15,000 to £15,240 next April.   In March's Budget, Osborne announced a major shake-up of the ISA system with cash and stocks and shares IS...