(1,5-Cyclooctadiene)bis(methyldiphenylphosphine)iridium(I) hexafluorophosphate is an air-stable cationic iridium complex, generally employed in allyl isomerization reactions. Upon bubbling hydrogen into the solution of [Ir(cod)(PPh2Me)2]PF6, preferably in tetrahydrofuran, results in the formation of active catalyst [IrH2(solv)2(PPh2Me)2]PF6 which can be used in the isomerization of 3-(silyloxy)-1-propenylboronates to (γ-(silyloxy)allyl)boronic esters; diallyl ethers to allyl (E)-vinyl ethers and 1-alkenylboronates to corresponding 3-alkoxyallylboronates.