The recent outcome of the HMRC V Parry & Others judgement from the Court of Appeal clearly demonstrates that gambling on legal outcomes can be a risky business, writes Neil MacGillivray.
With two outcomes in your favour, you feel luck is on your side - and then bang it's all over, with the only winner being HMRC. Now, it has always been HMRC's view that, when a member transfers from one pension scheme to another, the member surrenders their rights under the existing scheme in return for their rights in the new one. The implication of this is that the member brings to an end any existing trust that applied to their death benefits in the original pension scheme. As the member can control which new pension provider they use, they can determine what new trust the death be...
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