So how does it all work?
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Investing in an Inherited ISA Allowance Plan
If your Spouse or Civil Partner has passed away and they had an ISA, you may be eligible to open an Inherited ISA Allowance Plan. This can be opened in addition to the annual ISA allowance you already receive.
- If your partner died on or before April 5 2018:
Your inherited ISA allowance will be the value of your partner’s ISA(s) at the date of death.
- If your partner died on or after April 6 2018 at the time of applying, you can either:
- inherit an ISA allowance that is the value of your partner’s ISA(s) at the date of death
- if your partner’s ISA(s) remains open and continues to earn interest, you can inherit an ISA allowance that is the value of your partner’s ISA(s) at account closure. Your partner’s ISA(s) can remain open up to three years after the date of death.
The Foresters Friendly Society Inherited ISA Allowance Plan is a Stocks and Shares NISA that we have set up specifically to accept contributions as part of a NISA allowance which has been inherited from a Spouse or Civil Partner that has passed away.
Can I withdraw money from the plan?
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 However, unlike some NISAs, once the money is withdrawn from the plan it cannot be replaced.
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 as long as your partner held a NISA and 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. You do not need to inherit the money from your Spouse or Civil Partner’s NISA to be eligible. You can use your own money to open the account and you don’t have to wait for the NISA to be closed.
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 by the Financial Conduct Authority or Prudential Regulation Authority and are regularly reviewed by us to make sure our members get the best options.
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