IHT Transfers of Value in Relation to Pension Funds
News
23rd February 2015
Jennifer Lee discusses the case of Parry and others v HMRC [2014] UKFTT 419 (TC) (7 May 2014), in which the First-tier Tribunal (Tax Chamber) held that a transfer of funds to a personal pension plan was not a transfer of value for inheritance tax purposes. However, an omission to take lifetime benefits from a personal pension plan can be a transfer of value in, in particular if it can be shown that the pension holder wished to confer a gratuitous benefit on another party.
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