If you have savings held within an ISA there are two positive changes from the Autumn budget statement.
These changes are:
•The annual allowance will increase to £15,240 from £15,000 from April 2015. There was NO mention of a lifetime cap for savers.
•Spouses and civil partners will be able to inherit their deceased partner's ISA fund and retain the tax advantages of the wrapper. There will be no impact on the spouse's/civil partner's own ISA annual allowance.
ISA accounts left to a spouse or civil partner will of course continue to pass IHT free as before - the transfer itself being covered by the spousal exemption. The big difference is that the continuing returns on a deceased partner's savings will be tax free.
The combined value of a surviving partner's ISA account will ultimately be included in their own estate for IHT.
Those near to or already over age 55 may want to consider moving these savings into a pension, potentially allowing the pension fund to be passed on to their children and grandchildren tax free.