In HMRC v R Parry H Piney and T Staveley [2017] UKUT 4 (10 January 2017) the UT found that an omission to take lifetime benefits from a pension scheme did not amount to a transfer of value for IHT purposes.
Mrs R Staveley had transferred funds out of one registered pension scheme (the ‘s 32 policy’) into another (the ‘AXA PPP’) and had omitted to take any lifetime benefits from the AXA PPP. HMRC had issued IHT determinations on Mrs Staveley’s personal representatives and on her two sons Mr Piney and Mr T Staveley who were the beneficiaries of the death benefits paid out of the AXA PPP after the death of Mrs Staveley.
The transfer of the fund from the s 32 policy to the AXA PPP was a disposition for...
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In HMRC v R Parry H Piney and T Staveley [2017] UKUT 4 (10 January 2017) the UT found that an omission to take lifetime benefits from a pension scheme did not amount to a transfer of value for IHT purposes.
Mrs R Staveley had transferred funds out of one registered pension scheme (the ‘s 32 policy’) into another (the ‘AXA PPP’) and had omitted to take any lifetime benefits from the AXA PPP. HMRC had issued IHT determinations on Mrs Staveley’s personal representatives and on her two sons Mr Piney and Mr T Staveley who were the beneficiaries of the death benefits paid out of the AXA PPP after the death of Mrs Staveley.
The transfer of the fund from the s 32 policy to the AXA PPP was a disposition for...
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