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Prof. 公JingNing 益Zhang Group moderator
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UK: HMRC's Victory in Fryer Threatens Deferred Pension Funds

In the case, Patricia Arnold had been diagnosed with terminal cancer. She did not take her occupational pension when she became entitled to it at age 60. When she died the following year, her personal representatives attempted to pass her death benefit to her beneficiaries as a lump sum outside of her estate. But HMRC charged inheritance tax on the sum, on the grounds that the deceased's omission to exercise a right had diminished her estate. The executors appealed but lost. It seems that the decision sets a precedent, so that any decision to defer a pension will be regarded as IHT avoidance.
- 28 Jun 2010, 3:27 pm
Prof. 公JingNing 益Zhang wrote: > In the case, Patricia Arnold had been diagnosed with terminal cancer. > She did not take her occupational pension when she became entitled to > it at age 60. When she died the following year, her personal > representatives attempted to pass her death benefit to her > beneficiaries as a lump sum outside of her estate. But HMRC charged > inheritance tax on the sum, on the grounds that the deceased's > omission to exercise a right had diminished her estate. The executors > appealed but lost. It seems that the decision sets a precedent, so > that any decision to defer a pension will be regarded as IHT > avoidance.