HMRC v Parry & Ors [2017] UKUT 4

This case recently went to the Upper Tribunal (UT), which has provided some guidance on key provisions of the Inheritance Tax Act 1984 (the “IHTA 1984”). The proceedings concerned the circumstances in which an omission to take pension benefits will constitute a deemed transfer of value pursuant to sub-section 3(3) of the IHTA 1984. It should be noted that the relevant transaction in this case predated the 2011 amendment to the IHTA 1984, the effect of which is that an omission to take benefits after that date will not be a deemed transfer of value.