Hugh Cumber finds Parry v HMRC provides welcome clarity of the circumstances in which IHT can arise in pension schemes ‘It is clear that a transfer between schemes with the express purpose of achieving a saving to IHT for the “death” beneficiaries could not be saved by s10, particularly considering the extensive discussion of mixed …
Continue reading "IHT And Pensions: Charge ahead?"
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Wills & Trusts Law Reports | September 2014 #142Under 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...
Rhys Thomas clarifies the link between payments from pension funds and IHT ‘While useful, the QNUPS regulations may encourage the use of offshore pension schemes as IHT avoidance rather than retirement planning vehicles as many QNUPS, unlike RPS, will be beyond the scope of the lifetime allowance (LA) and annual allowance (AA).’IHT and pension schemes …
Continue reading "Pensions: An uneasy pairing"
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