So how does it all work?
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Investing in an Inherited ISA Allowance Plan
Foresters Friendly Society offers an Inherited ISA Allowance Plan, into which you can invest up to your maximum inherited ISA allowance. Your inherited allowance is the total amount your Spouse or Civil Partner held in NISAs at the date of their death.
Our Inherited ISA Allowance Plan is classified as a Stocks & Shares NISA, and can be held in addition to a standard Cash and/or Stocks & Shares NISA in the same tax year. It is a one off additional allowance surviving Spouses and Civil Partners are entitled to and does not affect your normal individual NISA allowance.
Regular and one-off withdrawals can be made from the Plan, as long as the remaining balance of your Inherited ISA Allowance Plan does not fall below £500. However, unlike some NISAs, once the money is withdrawn from the plan it cannot be replaced.
How long can I pay in (contribute) to the plan?
Contributions need to be made within three years of the date your Spouse or Civil Partner dies, or within 180 days of the date the estate is settled, whichever is later.
If your Spouse or Civil Partner died between 3rd December 2014 and 5th April 2015, the three year period starts on 6th April 2015.
If you do not use the inherited allowance within this timeframe, it will be lost.
Who can apply for an Inherited ISA Allowance Plan?
You can apply for an Inherited ISA Allowance Plan following the death of your Spouse or Civil Partner if you were living with them at the date of death, which was on or after the 3rd December 2014. If you were separated from your Spouse or Civil Partner under a court order, deed of separation or in circumstances where the separation was likely to be permanent, you are unable to make use of the inherited ISA allowance.
You do not have to be resident in the UK for tax purposes to be eligible to apply for an Inherited ISA Allowance Plan, however, you must hold a UK bank account to be able to make payments into the plan.
You must be aged between 18 and 80 to apply. However, if you already hold a Foresters NISA, no maximum age limit will apply.
How do I open an Inherited ISA Allowance Plan?
Please read the Key Information Document and Important Information and complete the Inherited ISA Allowance Plan application form. Before we can open the plan we will need to contact the deceased’s NISA provider for further information, which will include confirmation of the value of the deceased’s NISAs at their date of death.
Contributions can only be made into the plan once we have accepted the application and received confirmation from the deceased’s NISA provider of the inherited allowance value.
What documentation will be required to open the plan?
Foresters Friendly Society is required to verify your identity and address before we can accept your application. To do so, we will make electronic checks with a credit agency. In some situations we may not be able to verify your details and, in this instance, we will write to you to request further documentation.
All applications will need to be submitted with the original or certified copy of the:
- Marriage or Civil Partnership Certificate
- Death Certificate
Should you have any additional queries, please contact our UK based Member Services team on 0800 988 2418.
Other benefits of taking out an Inherited ISA Allowance Plan
By taking out a plan, you automatically become a member of Foresters Friendly Society – a mutual society. As a Foresters member, you will have access to Foresters Extras - a range of discretionary benefits we offer at no additional cost which include:
- dental or optical grants to assist with covering costs are available to claim each year
- discretionary grants including Educational Awards to assist with the costs of higher education or training.
Find out more about friendly societies and Foresters Friendly Society here.
These membership benefits aren't regulated and are regularly reviewed by us to make sure our members get the best options.
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