Pensions: omission to exercise a right: the Fryer case
The case of David Michael Fryer and others (Personal Representatives of Patricia Arnold Deceased) v Revenue and Customs Commissioners  UKFTT 87 (TC) was one where the deceased had omitted to take her pension rights at her normal retirement date at a time when she was terminally ill. The decision was that there had been an omission to exercise a right that was treated as a disposition made immediately before death. Mrs Arnold died on 30 July 2003 so the legislation in IHTA84/S12(2A-G) did not apply. The case is still very useful though for general observations on IHTA84/S3(3) and on IHTA84/S10 (IHTM04161). The case also provides judicial support for the HMRC approach to the valuation of pension rights.
This case is covered in more detail in IHTM17107