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The final chapter
Key points
- A pension transfer can result in a transfer of value for inheritance tax purposes.
- The value of the transfer may be significant if the transferor is in serious ill health.
- Did the defence in IHTA 1984 s 10 negate the transfer of value?
- Was there an intention to confer a gratuitous benefit?
- Did the transaction in fact confer a gratuitous benefit?
- Were there compelling non-gratuitous reasons for the pension transfer?
Hundreds of thousands of people have probably made pension transfers. It is thus somewhat surprising that the law is not clear on the tax implications of such a transfer but that is precisely the position in the case of pension transfers made by people in serious ill health. The inheritance tax implications were considered by the Supreme Court in HMRC v Parry (the Staveley case).
On 19 August 2020 the Supreme Court handed down its...
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