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Inheritance Tax (United Kingdom)
In the United Kingdom, inheritance tax is a transfer tax. It was introduced with effect from 18 March 1986, replacing capital transfer tax. The UK has the fourth highest inheritance tax rate in the world, according to conservative think tank, the Tax Foundation, though only a very small proportion of the population pays it. 3.7% of deaths recorded in the UK in the 2020-21 tax year resulted in inheritance tax liabilities. History Prior to the introduction of estate duty by the Finance Act 1894, there was a complex system of different taxes relating to the inheritance of property, that applied to either wikt:realty, realty (land) or wikt:personalty, personalty (other personal property): # From 1694, probate duty, introduced as a stamp duty in the United Kingdom, stamp duty on wills entered in probate in 1694, applying to personalty. # From 1780, legacy duty, an inheritance duty paid by the receiver of personalty, graduated according to consanguinity # From 1853, succession du ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The UK includes the island of Great Britain, the north-eastern part of the island of Ireland, and most of List of islands of the United Kingdom, the smaller islands within the British Isles, covering . Northern Ireland shares Republic of Ireland–United Kingdom border, a land border with the Republic of Ireland; otherwise, the UK is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. It maintains sovereignty over the British Overseas Territories, which are located across various oceans and seas globally. The UK had an estimated population of over 68.2 million people in 2023. The capital and largest city of both England and the UK is London. The cities o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legitim
In civil law and Roman law, the legitime (), also known as a forced share or legal right share, of a decedent's estate is that portion of the estate from which they cannot disinherit their children, or their parents, without sufficient legal cause. The word comes from French , meaning "rightful heir." The legitime is usually a statutory fraction of the decedent's gross estate and passes as joint property to the decedent's next-of-kin in equal undivided shares. The legitime cannot be infringed in order to give a spouse or other beneficiary a greater share of the estate. Therefore, when a decedent has children and leaves a will, it is unlawful for the testator to override the legitime by special gift which exhausts the estate or by designating his spouse or other person as sole beneficiary. This is known as ''preterition'' when arising by omission and ''disinheritance'' when heirs are expressly deprived. English common law In English common law, there is no legitime; the Statu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pre-owned Asset Tax
In the United Kingdom, Her Majesty's Revenue and Customs acted against certain inheritance tax (IHT) avoidance schemes by imposing a standalone income tax charge. The tax was introduced in the Finance Act 2004 and came into effect from 6 April 2005. This has become known as pre-owned assets tax (POAT). POAT applies where an individual disposes of an asset In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can b ... but somehow retains the ability to use or enjoy it. POAT is never applicable when IHT is; therefore, the media and public have granted the issue little attention. POAT is also a retroactive tax: even if an action had no IHT repercussions at the time, POAT may be applied years after the action. External links HMRC page on Income tax and pre-owned assets Income taxes Taxation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdictio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finance Act 2004
The Finance Act 2004 (c, 12) is an Act of the Parliament of the United Kingdom. It prescribes changes to Excise Duties, Value Added Tax, Income Tax, Corporation Tax, and Capital Gains Tax. It enacts the 2004 Budget speech made by Chancellor of the Exchequer Gordon Brown to the Parliament of the United Kingdom. In the UK, the ''Chancellor'' delivers an annual Budget speech outlining changes in spending, tax and duty. The respective year's Finance Act is the mechanism to enact the changes. The rules governing the various taxation methods are contained within the various taxation Acts. (For instance Capital Gains Tax Legislation is contained within Taxation of Chargeable Gains Act 1992. The Finance Act details amendments to be made to each one of these Acts. Notable changes in the 2004 Act included changes to the taxation of UK pensions and provisions to reduce avoidance of inheritance tax. Pensions taxation One of the main changes introduced by the Act was a change in the taxat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lineal Descendant
A lineal or direct descendant, in legal usage, is a blood relative in a person's direct line of descent – the children, grandchildren, great-grandchildren, etc. In a legal procedure sense, lineal descent refers to the acquisition of estate by inheritance by parent from grandparent and by child from parent, whereas collateral descent refers to the acquisition of estate or real property by inheritance by sibling from sibling, and cousin from cousin. Adopted children, for whom adoption statutes create the same rights of heirship as children of the body, come within the meaning of the term "lineal descendants," as used in a statute providing for the non-lapse of a devise where the devisee predeceases the testator A testator () is a person who has written and executed a last will and testament that is in effect at the time of their death. It is any "person who makes a will."Gordon Brown, ''Administration of Wills, Trusts, and Estates'', 3d ed. (2003), p. ... but leaves li ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trust Law
A trust is a legal relationship in which the owner of property, or any transferable right, gives it to another to manage and use solely for the benefit of a designated person. In the English common law, the party who entrusts the property is known as the "settlor", the party to whom it is entrusted is known as the "trustee", the party for whose benefit the property is entrusted is known as the "beneficiary", and the entrusted property is known as the "corpus" or "trust property". A ''testamentary trust'' is an irrevocable trust established and funded pursuant to the terms of a deceased person's will. An inter vivos trust is a trust created during the settlor's life. The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of the trust property. Trustees have a fiduciary duty to manage the trust for the benefit of the equitable owners. Trustees must provide regular accountings of trust income ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Guardian
''The Guardian'' is a British daily newspaper. It was founded in Manchester in 1821 as ''The Manchester Guardian'' and changed its name in 1959, followed by a move to London. Along with its sister paper, ''The Guardian Weekly'', ''The Guardian'' is part of the Guardian Media Group, owned by the Scott Trust Limited. The trust was created in 1936 to "secure the financial and editorial independence of ''The Guardian'' in perpetuity and to safeguard the journalistic freedom and liberal values of ''The Guardian'' free from commercial or political interference". The trust was converted into a limited company in 2008, with a constitution written so as to maintain for ''The Guardian'' the same protections as were built into the structure of the Scott Trust by its creators. Profits are reinvested in its journalism rather than distributed to owners or shareholders. It is considered a newspaper of record in the UK. The editor-in-chief Katharine Viner succeeded Alan Rusbridger in 2015. S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Court Of Human Rights
The European Court of Human Rights (ECtHR), also known as the Strasbourg Court, is an international court of the Council of Europe which interprets the European Convention on Human Rights (ECHR). The court hears applications alleging that a contracting state has breached one or more of the human rights enumerated in the convention or its optional protocols to which a member state is a party. The court is based in Strasbourg, France. The court was established in 1959 and decided its first case in 1960 in ''Lawless v. Ireland''. An application can be lodged by an individual, a group of individuals, or one or more of the other contracting states. Aside from judgments, the court can also issue advisory opinions. The convention was adopted within the context of the Council of Europe, and all of its member states of the Council of Europe, 46 member states are contracting parties to the convention. The court's primary means of judicial interpretation is the living instrument doctrine, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Widower
A widow (female) or widower (male) is a person whose spouse has died and has usually not remarried. The male form, "widower", is first attested in the 14th century, by the 19th century supplanting "widow" with reference to men. The adjective for either sex is ''widowed''. These terms are not applied to a divorcé(e) following the death of an ex-spouse. The state of having lost one's spouse to death is termed ''widowhood''. The term ''widowhood'' can be used for either sex, at least according to some dictionaries, but the word ''widowerhood'' is also listed in some dictionaries. An archaic term for a widow is "relict", literally "someone left over"; this word can sometimes be found on older gravestones. Occasionally, the word ''viduity'' is used. Effects on health The increased mortality rate after the death of a spouse is called the ''widowhood effect''. It is "strongest during the first three months after a spouse's death, when they had a 66-percent increased chance of d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Widow
A widow (female) or widower (male) is a person whose spouse has Death, died and has usually not remarried. The male form, "widower", is first attested in the 14th century, by the 19th century supplanting "widow" with reference to men. The adjective for either sex is ''widowed''. These terms are not applied to a Divorce, divorcé(e) following the death of an ex-spouse. The state of having lost one's spouse to death is termed ''widowhood''. The term ''widowhood'' can be used for either sex, at least according to some dictionaries, but the word ''widowerhood'' is also listed in some dictionaries. An archaic term for a widow is "relict", literally "someone left over"; this word can sometimes be found on older gravestones. Occasionally, the word ''viduity'' is used. Effects on health The increased mortality rate after the death of a spouse is called the ''widowhood effect''. It is "strongest during the first three months after a spouse's death, when they had a 66-percent increase ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Partner
Civil partnership in the United Kingdom is a form of civil union between couples open to both same-sex couples and opposite-sex couples. It was introduced via the ''Civil Partnership Act 2004'' by the Labour government. The Act initially permitted only same-sex couples to form civil partnerships, but the law was expanded to include different-sex couples in 2019. History Civil partnerships were introduced for same-sex couples under the terms of the ''Civil Partnership Act 2004''. Before this, an informal London Partnership Register had been set up in 2001 by then-Mayor of London Ken Livingstone but without any legal recognition. In February 2018, the United Kingdom and Scottish governments began reviewing civil partnerships, potentially to expand them to include opposite-sex couples. In June 2018, the Supreme Court of the United Kingdom ruled that restricting civil partnerships to same-sex couples was incompatible with the rights guaranteed by the European Convention on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
