Pension Accumulation was taxable
The court was asked whether the pension scheme transfer by the late Mrs R F Staveley, and her omission to take income benefits which were then payable, constituted, or are to be treated as constituting, for the purposes of Inheritance Tax 1984 (‘IHTA’) a ‘disposition’ which is a ‘transfer of value’ in favour of her sons, who were to be the beneficiaries of the death benefit. The relevant statutory provisions are section 3(1) IHTA, read with section 10(1), and section 3(3) IHTA. At the time of the transfer, Mrs Staveley was in the late stages of a terminal illness, from which she died six weeks later. The right to receive the death benefit has been assessed as at the date of the transfer as worth a considerable proportion of Mrs Staveley’s pension funds.
Held: It did. The failure to take pension benefits in due course increased the estates of the sons.
Lady Arden JSC, Newey LJ, Birss J
 EWCA Civ 2266,  WLR(D) 638,  WTLR 45,  STC 2324,  1 WLR 2397,  2 All ER 288
England and Wales
At FTTTx – Parry and Others v Revenue and Customs FTTTx 7-May-2014
INHERITANCE TAX – transfer of funds to personal pension plan while diagnosed with terminal cancer – whether transfer of value – omission to take lifetime benefits – whether disposition and transfer of value – appeal allowed in part . .
Appeal from (UTTC) – Revenue and Customs v Representatives of Staveley (Deceased) UTTC 10-Jan-2017
Failure to take pension benefits – Inheritance Tax
UTTC INHERITANCE TAX – whether transfer of funds to a personal pension plan was a transfer of value – Inheritance Tax Act 1984, s 3(1) and s 10 – whether deceased’s omission to take lifetime pension benefits was . .
Appeal from (CA) – Revenue and Customs v Parry and Others SC 19-Aug-2020
Whether the pension scheme transfer by the late Mrs Staveley, and her omission to take income benefits which were then payable, constituted, or are to be treated as constituting, for the purposes of the Inheritance Tax 1984 a ‘disposition’ which is . .
Lists of cited by and citing cases may be incomplete.
Updated: 01 November 2021; Ref: scu.625964