HMRC v Parry & ors [2019] WTLR 45

Wills & Trusts Law Reports | Spring 2019 #174

Shortly before her death the director of a company (S) transferred the funds from a company pension policy acquired by her on her divorce from her ex-husband and known as a s32 buyout policy (the s32 policy) to a personal pension policy (PPP) issued by AXA. At the same time S nominated her two sons as her beneficiaries in relation to the death benefit payable under the PPP. If the s32 pension had remained in the company scheme, on her death a sum would have been payable to S’s estate which would have been chargeable to IHT. S’s sons were the residuary beneficia...

HMRC v Parry & ors [2018] WTLR 1267

Wills & Trusts Law Reports | Winter 2018 #170

Mrs Staveley established a company known as Morayford with her husband Mr Staveley. She was director of the company, and had a large pension fund with its occupational pension scheme. She divorced from her husband in 2000. Indeed the terms of the divorce, her share of the pension scheme was to be transferred to her. In July 2000, and upon advice, she transferred her fund from the Morayford scheme to a s32 scheme.

In 2004, she was diagnosed in December 2004 with cancer. In 2006, by which time her prognosis was poor, she was advised to transfer her pension fund into a perso...

Parry & ors v HMRC Appeal number: TC/2012/7106

Wills & Trusts Law Reports | September 2014 #142

Under the terms of her divorce settlement, Mrs Staveley (the deceased) received a share of a company pension scheme. She was advised that her only option was to transfer this to a ‘s32 buyout’ policy. Under this policy funds could revert to the company which would potentially benefit her ex-husband. The divorce had been acrimonious and she desperately wanted to avoid that happening. However, it became apparent that the s32 policy was her only option and in July 2000 she transferred her fund of £571,715 to the s32 policy. Evidence demonstrated that the deceased remained unhapp...