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History Of Inheritance Taxes In The United Kingdom
The history of inheritance taxes in the United Kingdom has undergone significant change and mutation since their original introduction in 1694. Duties before Finance Act 1894 Probate duty was introduced as part of the Stamps Act 1694, in order to help finance England's involvement in the War of the League of Augsburg. It originally applied to all probates of wills and letters of administration for personal estates valued greater than £20, at a fixed duty of 5 ''s.'' (one crown, or a quarter of a pound). It was converted into a graduated rate in 1780 by Lord North, as a consequence of financing British activity in the American Revolutionary War. Penalties for failing to file probate or administration documents were introduced in 1795, and accounts for calculating liability were first required in 1805. As probate and administration were unknown in Scotland, inventory duty was introduced in 1804 to provide for similar liability there. Ireland introduced probate duty separately in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lord North
Frederick North, 2nd Earl of Guilford (13 April 17325 August 1792), better known by his courtesy title Lord North, which he used from 1752 to 1790, was 12th Prime Minister of Great Britain from 1770 to 1782. He led Great Britain through most of the American War of Independence. He also held a number of other cabinet posts, including Home Secretary and Chancellor of the Exchequer. North's reputation among historians has swung back and forth. It reached its lowest point in the late nineteenth century, when he was depicted as a creature of the king and an incompetent who lost the American colonies. In the early twentieth century, a revised view emerged emphasising his strengths in administering the Treasury, handling the House of Commons, and in defending the Church of England. Historian Herbert Butterfield, however, argued that his indolence was a barrier to efficient crisis management; he neglected his role in supervising the entire war effort. Early life (1732–1754) North wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Power Of Appointment
A power of appointment is a term most frequently used in the law of wills to describe the ability of the testator (the person writing the will) to select a person who will be given the authority to dispose of certain property under the will. Although any person can exercise this power at any time during their life, its use is rare outside of a will. The power is divided into two broad categories: general powers of appointment and special powers of appointment. The holder of a power of appointment differs from the trustee of a trust in that the former has no obligation to manage the property for the generation of income, but need only distribute it. General power of appointment ''Example: "I leave my video game collection to be distributed as my son Andrew sees fit."'' In the United States of America, a general power of appointment is defined for federal estate tax purposes in the Internal Revenue Code §2041. A general power of appointment is one that allows the holder of the po ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William Vernon Harcourt (politician)
Sir William George Granville Venables Vernon Harcourt (14 October 1827 – 1 October 1904) was a British lawyer, journalist and Liberal statesman. He served as Member of Parliament for Oxford, Derby then West Monmouthshire and held the offices of Home Secretary and Chancellor of the Exchequer under William Ewart Gladstone before becoming Leader of the Opposition. A talented speaker in parliament, he was sometimes regarded as aloof and possessing only an intellectual involvement in his causes. He failed to engender much emotional response in the public and became only a reluctant and disillusioned leader of his party. Historian Roy Jenkins says he was "too much of a party man. In manner and by origin he was a patrician figure, but he saw most issues exclusively in terms of parliamentary infighting… His views were usually much more of a reaction to what his political enemies, in the other party and in his own, were saying than the result of any objective thought. He inspired co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sir William Harcourt
Sir William George Granville Venables Vernon Harcourt (14 October 1827 – 1 October 1904) was a British lawyer, journalist and Liberal statesman. He served as Member of Parliament for Oxford, Derby then West Monmouthshire and held the offices of Home Secretary and Chancellor of the Exchequer under William Ewart Gladstone before becoming Leader of the Opposition. A talented speaker in parliament, he was sometimes regarded as aloof and possessing only an intellectual involvement in his causes. He failed to engender much emotional response in the public and became only a reluctant and disillusioned leader of his party. Historian Roy Jenkins says he was "too much of a party man. In manner and by origin he was a patrician figure, but he saw most issues exclusively in terms of parliamentary infighting… His views were usually much more of a reaction to what his political enemies, in the other party and in his own, were saying than the result of any objective thought. He inspired co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Savings Bank
A savings bank is a financial institution whose primary purpose is accepting savings account, savings deposits and paying interest on those deposits. History of banking, They originated in Europe during the 18th century with the aim of providing access to Wealth, savings products to all levels in the population. Often associated with social good, these early banks were often designed to encourage low-income people to Saving, save money and have access to banking services. They were set up by governments or by socially committed groups or organisations such as with credit unions. The structure and legislation took many different forms in different countries over the 20th century. Savings banks and Savings and loan association, savings-and-loans are often confused. The original function of savings banks to service consumers was limited to savings. Savings banks invested in Government debt, government and Corporate bond, corporate debt. Savings and loan associations had a dual p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Friendly Society
A friendly society (sometimes called a benefit society, mutual aid society, benevolent society, fraternal organization or ROSCA) is a mutual association for the purposes of insurance, pensions, savings or cooperative banking. It is a mutual organization or benefit society composed of a body of people who join together for a common financial or social purpose. Before modern insurance and the welfare state, friendly societies provided financial and social services to individuals, often according to their religious, political, or trade affiliations. These societies are still widespread in many parts of the developing world, where they are referred to as ROSCAs (rotating savings and credit associations), ASCAs (accumulating savings and credit associations), burial societies, chit funds, etc. Character Before the development of large-scale government and employer health insurance and other financial services, friendly societies played an important part in many people's lives. Many o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Survivorship
In property law, a concurrent estate or co-tenancy is any of various ways in which property is owned by more than one person at a time. If more than one person owns the same property, they are commonly referred to as co-owners. Legal terminology for co-owners of real estate is either co-tenants or joint tenants, with the latter phrase signifying a right of survivorship. Most common law jurisdictions recognize tenancies in common and joint tenancies. Many jurisdictions also recognize tenancies by the entirety, which is effectively a joint tenancy between married persons. Many jurisdictions refer to a joint tenancy as a joint tenancy with right of survivorship, but they are the same, as every joint tenancy includes a right of survivorship. In contrast, a tenancy in common does not include a right of survivorship. The type of co-ownership does not affect the right of co-owners to sell their fractional interest in the property to others during their lifetimes, but it does affec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joint Tenancy
In property law, a concurrent estate or co-tenancy is any of various ways in which property is owned by more than one person at a time. If more than one person owns the same property, they are commonly referred to as co-owners. Legal terminology for co-owners of real estate is either co-tenants or joint tenants, with the latter phrase signifying a right of survivorship. Most common law jurisdictions recognize tenancies in common and joint tenancies. Many jurisdictions also recognize tenancies by the entirety, which is effectively a joint tenancy between married persons. Many jurisdictions refer to a joint tenancy as a joint tenancy with right of survivorship, but they are the same, as every joint tenancy includes a right of survivorship. In contrast, a tenancy in common does not include a right of survivorship. The type of co-ownership does not affect the right of co-owners to sell their fractional interest in the property to others during their lifetimes, but it does affec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inter Vivos
Inter vivos (Latin, ''between the living'') is a legal term referring to a transfer or gift made during one's lifetime, as opposed to a testamentary transfer that takes effect on the death of the giver. The term is often used to describe a trust established during one's lifetime, i.e., an inter vivos trust as opposed to a testamentary trust that is established on one's death, usually as part of a will. An inter vivos trust, by definition, includes both revocable and irrevocable trusts. Other meaning The term ''inter vivos'' is also used to describe living organ donation Organ donation is the process when a person allows an organ of their own to be removed and transplanted to another person, legally, either by consent while the donor is alive or dead with the assent of the next of kin. Donation may be for re ..., in which one patient donates an organ to another while both are alive. Generally, the organs transplanted are either non-vital organs such as corneas or redunda ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consanguinity
Consanguinity ("blood relation", from Latin '' consanguinitas'') is the characteristic of having a kinship with another person (being descended from a common ancestor). Many jurisdictions have laws prohibiting people who are related by blood from marrying or having sexual relations with each other. The degree of consanguinity that gives rise to this prohibition varies from place to place. Such rules are also used to determine heirs of an estate according to statutes that govern intestate succession, which also vary from jurisdiction to jurisdiction. In some places and time periods, cousin marriage is allowed or even encouraged; in others, it is taboo, and considered to be incest. The degree of relative consanguinity can be illustrated with a ''consanguinity table'' in which each level of lineal consanguinity (''generation'' or ''meiosis'') appears as a row, and individuals with a collaterally consanguineous relationship share the same row. The Knot System is a numerical notati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rack Rent
Rack-rent denotes two different concepts: # an excessive rent. # the full rent of a property, including both land and improvements if it were subject to an immediate open-market rental review. The second definition is equivalent to the economic rent of the land plus interest on capital improvements plus depreciation and maintenance—the normal market rent of a property—and is not inherently excessive. Also, this may be different from the rent actually being received. Historically, rack-rent has often been a term of protest used to denote an unjustly excessive rent (the word "rack" evoking the medieval torture device), usually one paid by a tenant farmer. The two conceptions of rack-rent both apply when excessive rent is obtained by threat of eviction resulting in uncompensated dispossession of improvements the tenant himself has made. I.e., by charging rack-rent, the landowner unjustly uses his power over the land to effectively confiscate wages, in addition to merely charging ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tenants By The Entirety
In property law, a concurrent estate or co-tenancy is any of various ways in which property is owned by more than one person at a time. If more than one person owns the same property, they are commonly referred to as co-owners. Legal terminology for co-owners of real estate is either co-tenants or joint tenants, with the latter phrase signifying a right of survivorship. Most common law jurisdictions recognize tenancies in common and joint tenancies. Many jurisdictions also recognize tenancies by the entirety, which is effectively a joint tenancy between married persons. Many jurisdictions refer to a joint tenancy as a joint tenancy with right of survivorship, but they are the same, as every joint tenancy includes a right of survivorship. In contrast, a tenancy in common does not include a right of survivorship. The type of co-ownership does not affect the right of co-owners to sell their fractional interest in the property to others during their lifetimes, but it does affec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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