Parry and others v HMRC

Cathya Djanogly

In Parry and others v HMRC (TC03548 – 7 May 2014) the FTT held that a transfer of funds to a personal pension plan (PPP) was not a transfer of value for IHT purposes.

Following an acrimonious divorce Mrs Staveley (the deceased) had received as ancillary relief her share of a company pension fund. She had then been advised to transfer her fund into a ‘s 32 buyout’.

Following changes in the legislation Mrs Staveley was advised that she could transfer her fund into a PPP after six years and she did so on 30 October 2006. At the time she was terminally ill with cancer. She died on 18 December 2006.

HMRC issued a first notice of determination as it considered that the 2006 transfer was a transfer of value of £405 694. A second notice of determination was issued on the basis...

If you or your firm subscribes to Taxjournal.com, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes:

Subscribe Now...

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.

Once you have registered, you will receive an email directing you back to read this article in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

In Parry and others v HMRC (TC03548 – 7 May 2014) the FTT held that a transfer of funds to a personal pension plan (PPP) was not a transfer of value for IHT purposes.

HMRC issued a first notice of determination as it considered that the 2006 transfer was a transfer of value of £405 694. A second notice of determination was issued on the basis...

If you or your firm subscribes to Taxjournal.com, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes: