The Implication of Income Tax Charge on Estate Planning

Written by Miss JS Byrne

Continued from page 1

The Implications ofrepparttar Charge ==============================

Most ofrepparttar 119198 Inheritance Tax Planning techniques usually involve a widow or widower having continued enjoyment of their former spouse's share ofrepparttar 119199 property and thus it would appear on first inspection that inrepparttar 119200 majority of casesrepparttar 119201 charge would not apply asrepparttar 119202 transferor themselves would not be around to continue to enjoy or benefit fromrepparttar 119203 property. 

However, a problem seems to arise where a couple own their property as joint tenants prior to commencing their tax planning strategy and subsequently changing their ownership title to tenants in common. Whererepparttar 119204 widow or widower formerly ownedrepparttar 119205 property as joint tenants they had a share in ownership ofrepparttar 119206 whole property. This means thatrepparttar 119207 new Income Tax charge could conceivably apply to their continued occupation ofrepparttar 119208 property after their spouse's death.

A possible consequence of this forrepparttar 119209 future might mean that instead of acquiring property as joint tenants which has beenrepparttar 119210 general rule,repparttar 119211 wise policy would be to ownrepparttar 119212 property as tenants in common instead. But how many people are aware of this distinction? Will legal advisors be prepared to explainrepparttar 119213 tax implications of acquiring property withrepparttar 119214 different legal titles?

Conclusion ==========

How far willrepparttar 119215 new charge impact on current Inheritance Tax Planning schemes? As yet, it is too soon to tell, asrepparttar 119216 rules have not been fully fleshed out and as yet, it is too soon to say with any certainty what will happen and which schemes will be affected.

But it seem fair to argue thatrepparttar 119217 current Labour Government is doing its utmost to tax its citizens at every possible turn. Inheritance Tax avoidance schemes - indeed any tax avoidance scheme -are not unlawful. Planning forrepparttar 119218 future does not mean that people are engaging in tax evasion - which IS unlawful. Butrepparttar 119219 policies being employed leave an uncomfortable impression of an angry parent chastising their child simply for being astute and planning forrepparttar 119220 future!

Needless to say,repparttar 119221 whole approach leaves a somewhat bitter taste in one's mouth.

JsByrne LLB (Hons) LPc.

Miss JsByrne holds a Bachelor of Law degree with Honours & a post-graduate diploma in Legal Practice. Also gained qualification in Wills Writing & is the owner/author of and DYW Wills & Estate Planning Newsletter.

Intellectual Property Defined

Written by Nashville

Continued from page 1

Copyright laws provide forrepparttar owner an exclusive right to control access of his creative work. Variations may exist with different countries butrepparttar 119197 basic idea is this.

Industrial property includes such things as patents and trademarks. A patent is defined as a legal grant issued by a government permitting an inventor to exclude others from making, using, or selling a claimed invention duringrepparttar 119198 patent's term. A trademark onrepparttar 119199 other hand is a name or symbol secured by legal registration that identifies a manufacturer's or trader's product or service and distinguishes it from other products and services.

Any infringement on these rights entitlesrepparttar 119200 owner to a day in court. Filing a lawsuit is a must if you want to be compensated forrepparttar 119201 damages you have received. Of course you won’t know if you are already being violated unless you know what you’re rights are. There is a great need for us to be familiar withrepparttar 119202 concepts of intellectual property laws for us to know when we are being wronged and what needs to be done to address that wrong. Like they always say, “Knowledge is Power.”

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