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PENSION DEATH BENEFITS & IHT – A USEFUL REMINDER

APRIL 6TH 2010 | 05:03 TAGS: TAX

The recent case of Fryer v HMRC [2010] UK FTT 87 is a reminder that cases brought before the new First Tier Tax Tribunal are limited to matters within their statutory authority – namely, they are to consider the statutory provisions as they are and not as the parties to the proceedings might want them to be on the basis of fairness. It follows that where a person is found to fall within a statutory provision, it must be applied.

In this case, the provisions in question were s.3 IHTA 1984 (relating to what is a transfer of value) and s.10 IHTA 1984 (providing for dispositions not intended to confer a gratuitous benefit).

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CONSTRUCTIVE TRUST – KERNOTT V JONES [2010] EWCA CIV 578; [2009] EWHC 1713; WTLR1771

The ever difficult decision as to the division of property assets on the breakdown of a cohabitation relationship continues to cause inevitable pain. The Court of Appeal has reversed the first instance decision in Jones v Kernott. As Lord Justice Wall said:

“This is a cautionary tale, which all unmarried couples who are contemplating the purchase of residential property as their home, and all solicitors who advise them, should study. The facts are not in dispute and are unusual only in the sense that a great deal of time has elapsed since the parties separated.”

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