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A pliable plan
KEY POINTS
- Generally inheritance tax no longer applies to death benefits payable under registered pension schemes.
- There may be an actuarial measurable loss when a transfer is made by an individual in serious ill health.
- It is not easy to show that a taxpayer had no intention of conferring a gratuitous benefit.
- The Staveley case and determining whether the exemption in IHTA 1984 s 10 applies.
- Comparing the exercise of the discretion of the scheme administrator and the omission of a right to take benefits.
One of the tax implications that arises from the introduction of ‘flexible pensions’ is that generally the death benefits payable under registered pension schemes are no longer subject to inheritance tax. Of course if a scheme member dies aged 75 or above ...
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