David Rees QC and Hugh Cumber appear in the Supreme Court in HMRC v Parry
This case concerns the inheritance tax (‘IHT’) treatment of pension schemes. Mrs Rachel Staveley transferred her pension fund shortly before she died, and omitted to take lifetime benefits available to her under the new scheme. On her death, the scheme administrators exercised a discretion under the scheme rules to pay the ‘death benefits’ under the scheme to her two sons. HMRC allege that both the transfer and the omission are subject to inheritance tax. The Court of Appeal found in favour of HMRC, overturning the Upper Tribunal on both issues. Mrs Staveley’s personal representatives were granted permission to appeal to the Supreme Court on both issues, and the appeal will be heard today.
You can find more information about the issues in the appeal in the article published when permission to appeal was granted here.