Vivian Luisa Schiller is the former president and CEO of National Public Radio, former head of news and journalism partnerships at Twitter. She is the former senior vice president and chief digital officer for NBC News, including oversight of NBCNews.com. Schiller is the daughter of Ronald Schiller, a former editor at Reader's Digest, Lillian Schiller of Larchmont, New York, she graduated from Cornell University with a Bachelor's degree in Russian studies and Soviet studies, a Master's degree in Russian from Middlebury College. After finishing her degrees, Schiller worked as tour guide and simultaneous Russian interpreter in the former Soviet Union. In 1988 she joined Turner Broadcasting as a production assistant. During her early years with the company, Schiller worked on documentaries, children’s series and network specials for TBS Superstation and TNT including programs such as National Geographic Explorer, David Attenborough’s Private life of Plants, Captain Planet the Planters, Tom & Jerry’s Kids, The Golden Globe Awards, specials and series from the BBC, the Audubon Society, the National Wildlife Federation.
In 1998, Schiller transferred to CNN where she became head of the documentary unit which produced special and series for CNN-US and CNN International. Programs during that time included the Cold War, Beneath the Veil, Hank Aaron: Chasing the Dream and more. Schiller's division won multiple awards under her supervision including Emmys, Peabody’s, DuPont’s and Overseas Press Club Awards. In 2002, Schiller was hired by The New York Times and Discovery Communications to develop and run a new joint venture network that would late become the Discovery Times Channel; the network commissioned and programmed hundreds of hours of critically acclaimed current affairs and history series and specials including the 10-part series "Off To War” which followed a unit of National Guardsmen from Arkansas during their deployment to Iraq. In 2006, after The New York Times and Discovery Communications joint venture severed, Schiller joined the New York Times full-time to oversee original web video and served as General Manager of NYTimes.com the largest newspaper site in the world.
While at The New York Times, Schiller was instrumental in integrating the newspaper and web newsrooms, including embedding web developers with journalists. Under Schiller’s watch, the New York Times launched its first mobile presence, Facebook pages and Twitter accounts and grew audiences by double digits. In late 2008 Schiller was named President and CEO of NPR. During her tenure, Schiller was credited with upgrading the network's digital presence expanding its revenue base, attracting more listeners, she greenlit the network’s first investigative unit and launched diversity initiatives that expanded the organizations output of multicultural programming for radio and online. Under her watch, NPR expanded its digital output dramatically. On October 20, 2010, NPR fired political analyst Juan Williams. Initial reports indicated Williams was fired for his comments on Fox News that he gets "nervous" when he sees people in "Muslim garb" boarding a plane. Speaking to the media, Schiller stated Williams was not fired for that particular incident, but for offering his controversial opinions on several occasions, which she deemed a breach of journalistic ethics for an NPR analyst.
Schiller intensified the existing controversy over Williams' dismissal when she added that Williams should have kept his Muslim comments between himself and "his psychiatrist or his publicist—take your pick." Schiller retracted her own remarks, stating, "I spoke hastily and I apologize to Juan and others for my thoughtless remark."Juan Williams, appearing soon after on Fox News Channel "The O'Reilly Factor" noted in his own defense that other journalist staff members of NPR had voiced their own personal opinions and observations without being reprimanded or terminated. Williams speculated that his termination was occasioned by his frequent appearances on Fox News Channel programs in general, not by any individual remarks he may have made. In January 2011, due to concerns with the "speed and handling of the termination process" of Juan Williams, the NPR board decided to deny Schiller a 2010 bonus. At the same time, the board "expressed confidence in Vivian Schiller's leadership going forward."
In March 2011, Vivian Schiller resigned as president and chief executive of National Public Radio amid controversy surrounding the former NPR fundraising executive Ronald Schiller, not related to Vivian Schiller. Ronald Schiller has been secretly taped in a sting operation, where during a private conversation with two men posing as potential donors, he derided the "tea party" movement as a collection of "gun-toting" racists and "fundamentalist Christians" who have "hijacked" the Republican Party. Vivian Schiller's departure was, in part, an attempt to show congressional budget-cutters that NPR could hold itself accountable. Dave Edwards Chair of the NPR Board of Directors, sent the following message to the NPR staff regarding the resignation: "It is with deep regret that I tell you that the NPR Board of Directors has accepted the resignation of Vivian Schiller as President and CEO of NPR, effective immediately; the Board accepted her resignation with understanding, genuine regret, great respect for her leadership of NPR these past two years."
She was succeeded on an interim basis by Joyce Slocum, the senior vice president of Legal Affairs and General Counsel. After her resignation from NPR, Schiller was hired by NBC News President Steve Capus to oversee the acquisition of MSNBC Digital Networks a joint venture of Microsoft and NBCUniv
BBC News is an operational business division of the British Broadcasting Corporation responsible for the gathering and broadcasting of news and current affairs. The department is the world's largest broadcast news organisation and generates about 120 hours of radio and television output each day, as well as online news coverage; the service maintains 50 foreign news bureaus with more than 250 correspondents around the world. Fran Unsworth has been Director of News and Current Affairs since January 2018; the department's annual budget is in excess of £350 million. BBC News' domestic and online news divisions are housed within the largest live newsroom in Europe, in Broadcasting House in central London. Parliamentary coverage is broadcast from studios in Millbank in London. Through the BBC English Regions, the BBC has regional centres across England, as well as national news centres in Northern Ireland and Wales. All nations and English regions produce their own local news programmes and other current affairs and sport programmes.
The BBC is a quasi-autonomous corporation authorised by Royal Charter, making it operationally independent of the government, who have no power to appoint or dismiss its director-general, required to report impartially. As with all major media outlets it has been accused of political bias from across the political spectrum, both within the UK and abroad; the British Broadcasting Company broadcast its first radio bulletin from radio station.2LO In 14 November 1922. Wishing to avoid competition, newspaper publishers persuaded the government to ban the BBC from broadcasting news before 7:00 pm, to force it to use wire service copy instead of reporting on its own. On Easter weekend in 1930, this reliance on newspaper wire services left the radio news service with no information to report after saying There is no news today. Piano music was played instead; the BBC gained the right to edit the copy and, in 1934, created its own news operation. However, it could not broadcast news before 6 PM until World War II.
Gaumont British and Movietone cinema newsreels had been broadcast on the TV service since 1936, with the BBC producing its own equivalent Television Newsreel programme from January 1948. A weekly Children's Newsreel was inaugurated on 23 April 1950, to around 350,000 receivers; the network began simulcasting its radio news on television in 1946, with a still picture of Big Ben. Televised bulletins began on 5 July 1954, broadcast from leased studios within Alexandra Palace in London; the public's interest in television and live events was stimulated by Elizabeth II's coronation in 1953. It is estimated that up to 27 million people viewed the programme in the UK, overtaking radio's audience of 12 million for the first time; those live pictures were fed from 21 cameras in central London to Alexandra Palace for transmission, on to other UK transmitters opened in time for the event. That year, there were around two million TV Licences held in the UK, rising to over three million the following year, four and a half million by 1955.
Television news, although physically separate from its radio counterpart, was still under radio news' control – correspondents provided reports for both outlets–and that first bulletin, shown on 5 July 1954 on the BBC television service and presented by Richard Baker, involved his providing narration off-screen while stills were shown. This was followed by the customary Television Newsreel with a recorded commentary by John Snagge, it was revealed that this had been due to producers fearing a newsreader with visible facial movements would distract the viewer from the story. On-screen newsreaders were introduced a year in 1955 – Kenneth Kendall, Robert Dougall, Richard Baker–three weeks before ITN's launch on 21 September 1955. Mainstream television production had started to move out of Alexandra Palace in 1950 to larger premises – at Lime Grove Studios in Shepherd's Bush, west London – taking Current Affairs with it, it was from here that the first Panorama, a new documentary programme, was transmitted on 11 November 1953, with Richard Dimbleby becoming anchor in 1955.
On 18 February 1957, the topical early-evening programme Tonight, hosted by Cliff Michelmore and designed to fill the airtime provided by the abolition of the Toddlers' Truce, was broadcast from Marconi's Viking Studio in St Mary Abbott's Place, Kensington – with the programme moving into a Lime Grove studio in 1960, where it maintained its production office. On 28 October 1957, the Today programme, a morning radio programme, was launched in central London on the Home Service. In 1958, Hugh Carleton Greene became head of Current Affairs, he set up a BBC study group whose findings, published in 1959, were critical of what the television news operation had become under his predecessor, Tahu Hole. The report proposed that the head of television news should take control, that the television service should have a proper newsroom of its own, with an editor-of-the-day. On 1 January 1960, Greene became Director-General and brought about big changes at BBC Television and BBC Television News. BBC Television News had been created in 1955, in response to the founding of ITN.
The changes made by Greene were aimed at making BBC reporting more similar to ITN, rated by study groups held by Greene. A newsroom was created at Alexandra Palace, television reporters were recruited and given the opportunity to write and voice their own scripts–without the "impossible burden" of having to cover stories for radio too. In 1987 thirty years John B
Board of directors
A board of directors is a group of people who jointly supervise the activities of an organization, which can be either a for-profit business, nonprofit organization, or a government agency. Such a board's powers and responsibilities are determined by government regulations and the organization's own constitution and bylaws; these authorities may specify the number of members of the board, how they are to be chosen, how they are to meet. In an organization with voting members, the board is accountable to, might be subordinate to, the organization's full membership, which vote for the members of the board. In a stock corporation, non-executive directors are voted for by the shareholders, with the board having ultimate responsibility for the management of the corporation; the board of directors appoints the chief executive officer of the corporation and sets out the overall strategic direction. In corporations with dispersed ownership, the identification and nomination of directors are done by the board itself, leading to a high degree of self-perpetuation.
In a non-stock corporation with no general voting membership, the board is the supreme governing body of the institution, its members are sometimes chosen by the board itself. Other names include board of directors and advisors, board of governors, board of managers, board of regents, board of trustees, or board of visitors, it may be called "the executive board" and is simply referred to as "the board". Typical duties of boards of directors include: governing the organization by establishing broad policies and setting out strategic objectives. For companies with publicly trading stock, these responsibilities are much more rigorous and complex than for those of other types; the board chooses one of its members to be the chairman, who holds whatever title is specified in the by-laws or articles of association. However, in membership organizations, the members elect the president of the organization and the president becomes the board chair, unless the by-laws say otherwise; the directors of an organization are the persons.
Several specific terms categorize directors by the presence or absence of their other relationships to the organization. An inside director is a director, an employee, chief executive, major shareholder, or someone connected to the organization. Inside directors represent the interests of the entity's stakeholders, have special knowledge of its inner workings, its financial or market position, so on. Typical inside directors are: A chief executive officer who may be chairman of the board Other executives of the organization, such as its chief financial officer or executive vice president Large shareholders Representatives of other stakeholders such as labor unions, major lenders, or members of the community in which the organization is locatedAn inside director, employed as a manager or executive of the organization is sometimes referred to as an executive director. Executive directors have a specified area of responsibility in the organization, such as finance, human resources, or production.
An outside director is a member of the board, not otherwise employed by or engaged with the organization, does not represent any of its stakeholders. A typical example is a director, president of a firm in a different industry. Outside directors are not affiliated with it in any other way. Outside directors bring outside experience and perspectives to the board. For example, for a company that only serves a domestic market, the presence of CEOs from global multinational corporations as outside directors can help to provide insights on export and import opportunities and international trade options. One of the arguments for having outside directors is that they can keep a watchful eye on the inside directors and on the way the organization is run. Outside directors are unlikely to tolerate "insider dealing" between insider directors, as outside directors do not benefit from the company or organization. Outside directors are useful in handling disputes between inside directors, or between shareholders and the board.
They are thought to be advantageous because they can be objective and present little risk of conflict of interest. On the other hand, they might lack familiarity with the specific issues connected to the organization's governance and they might not know about the industry or sector in which the organization is operating. Director – a person appointed to serve on the board of an organization, such as an institution or business. Inside director – a director who, in addition to serving on the board, has a meaningful connection to the organization Outside director – a director who, other than serving on the board, has no meaningful connections to the organization Executive director – an insi
Hector Alastair Hetherington was a British journalist, newspaper editor and academic. For nearly twenty years he was the editor of The Guardian, is regarded as one of the leading editors of the second half of the twentieth century. Hetherington was the son of Sir Hector Hetherington, professor of logic and philosophy at University College and Principal of the University of Glasgow, his mother was Mary Ethel Alison Reid. He was educated at Gresham's School in Holt, from 1933 to 1937 and at Corpus Christi College, Oxford from 1938 to 1940, but his time at Oxford was interrupted by the Second World War. Though his myopia kept him from duty in a combat regiment he joined the Royal Armoured Corps and subsequently transferred to the Northamptonshire Yeomanry. Shortly after the Normandy landings he was a tank captain advancing towards Vire when his tank was destroyed, he took part in the relief of Antwerp and ended his army career as a major in the Intelligence Corps, during which time he wrote a Military Geography of Schleswig-Holstein.
Based on three months as a trainee sub-editor for the Glasgow Herald, Hetherington was offered a posting after his demobilisation as managing editor of Die Welt, the first German national newspaper to be produced in the British zone after the war. The experience confirmed his decision to pursue a career in journalism rather than academia, he rejoined the Glasgow Herald a year as a sub-editor and writer of articles on defence matters. In 1950, Hetherington moved to Manchester Guardian. There he caught the eye of the paper's editor, A. P. Wadsworth, who helped him win a Commonwealth Fund Fellowship and named him as foreign editor in 1953; when Wadsworth fell terminally ill three years the chairman of the paper, Laurence Scott, named Hetherington as Wadsworth's successor. Though there were three more senior journalists on staff, Scott wanted to transform The Guardian into a national newspaper, wanted a younger man capable of overseeing the effort. Within weeks of taking over as editor, Hetherington faced the question of how to respond to the Suez Crisis.
His denunciation of Britain's involvement as an "act of folly, without justification in any terms but brief expediency" precipitated enormous criticism from thousands of readers, but an increase in circulation and Britain's subsequent withdrawal vindicated the young editor. Suez soon proved to be only the first of many causes Hetherington took up, as he used as his position to campaign for social justice, alleviating the poverty gap between northern and southern England, nuclear disarmament, he was present at the founding of the Campaign for Nuclear Disarmament, attending preliminary meetings at the house of Lord Simon of Wythenshawe, with Sir Bernard Lovell and Bertrand Russell, but he did not join or support CND. He gave evidence for the defence at the Lady Chatterley trial and became the first British editor to allow the word "fuck" to be used in his newspaper. During this time, Hetherington was busy overseeing the evolution of the Manchester Guardian into a national newspaper. After dropping the word "Manchester" from the masthead in 1959, the paper opened a London headquarters two years later.
The transition proved difficult, however, as sales dropped and advertising revenue failed to fill the gap. Hetherington himself was commuting by train between London and Manchester twice or three times weekly. Twice Scott sought to alleviate the problem by selling the paper to The Times, but was rebuffed the first time and stopped by Hetherington's unyielding opposition to the proposal in the second. Thanks to the profits from The Guardian's sister publication, the Manchester Evening News, the paper weathered the move; as The Guardian's immediate prospects improved, Hetherington focused on the task on turning paper into one capable of competing on a national level. He pushed for expanded features, including special supplements and the first op-ed page in a British daily; such was his success by this point that Hetherington won Journalist of the Year at the National Press Awards in 1971. Politically the paper benefited from careful cultivation by Harold Wilson, though Hetherington's closest political friend was Jo Grimond.
For more than twenty years Hetherington wrote leading articles which sought to promote Liberal-Labour co-operation to defeat the Conservatives. Though against America's involvement in Vietnam, after meeting with American military commanders on a trip to Saigon he changed the paper's stance opposing the conflict, a move that generated much internal staff dissent. By the early 1970s The Guardian enjoyed a healthy circulation approaching 350,000; as he approached the end of his second decade as editor, he considered the possibility of moving on to a less-demanding field such as academia. In 1975, however, he accepted an offer from his friend Michael Swann, the chairman of the BBC, to assume the vacant position of Controller of BBC Scotland. Hetherington's time as Controller of BBC Scotland was not a happy one, he did much to invigorate programme output and appointed a number of specialist News correspondents including Helen Liddell and Chris Baur to try to increase Scotland's presence on the BBC networks.
He sought increased financial freedom from the BBC in London. Encountering a more bureaucratic organisation than the one he knew at The Guardian, he clashed with the director general of the BBC, Charles Curran. In 1978 he was sacked from the position by Curran's successor, Ian Trethowan and named as Manager of BBC Radio Highland. In 1982 he became research professor in media studies at Stirling University and in 1984 he succeeded Richard
C. P. Scott
Charles Prestwich Scott cited as C. P. Scott, was a British journalist and politician. Born in Bath, Somerset, he was the editor of the Manchester Guardian from 1872 until 1929 and its owner from 1907 until his death, he was a Liberal Member of Parliament and pursued a progressive liberal agenda in the pages of the newspaper. Educated at Hove House and Clapham Grammar School, Scott went up to Oxford, he took a first in Greats in the autumn of 1869 in 1870 went to Edinburgh to train on The Scotsman. While at Oxford, his cousin John Taylor, who ran the London office of the Manchester Guardian, decided that the paper needed an editor based in Manchester and offered Scott the post. Scott enjoyed a familial connection with the paper. Accepting the offer, Scott joined the paper as their London editor in February 1871 and became its editor on 1 January 1872; as editor Scott maintained the Manchester Guardian's well-established moderate Liberal line, "to the right of the party, to the right, indeed, of much of its own special reporting".
However, when in 1886 the whigs led by Lord Hartington and a few radicals led by Joseph Chamberlain, split the party, formed the Liberal Unionist Party and gave their backing to the Conservatives, Scott's Manchester Guardian swung to the left and helped Gladstone lead the party towards support for Irish Home Rule and the "new liberalism". In 1886, Scott fought his first general election as a Liberal candidate, an unsuccessful attempt in the Manchester North East constituency, he was elected at the 1895 election as MP for Leigh, thereafter spent long periods away in London during the parliamentary session. His combined position as a Liberal backbencher, the editor of an important Liberal newspaper, the president of the Manchester Liberal Federation made him an influential figure in Liberal circles, albeit in the middle of a long period of opposition, he was re-elected at the 1900 election despite the unpopular stand against the Boer War that the Guardian had taken, but retired from Parliament at the time of the Liberal landslide victory in 1906, when he was occupied with the difficult process of becoming owner of the newspaper he edited.
In 1905, the Manchester Guardian's owner, Edward Taylor, died. His will provided that the trustees of his estate should give Scott first refusal on the copyright of the Manchester Guardian at £10,000, recommended that they should offer him the offices and printing works of the paper on "moderate and reasonable terms". However, they were not required to sell it at all, could continue to run the paper themselves "on the same lines and in the same spirit as heretofore". Furthermore, one of the trustees was a nephew of Taylor and would financially benefit from forcing up the price at which Scott could buy the paper, another was the Manchester Guardian's manager, but faced losing his job if Scott took control. Scott was therefore forced to dig deep to buy the paper: he paid a total of £240,000, taking large loans from his sisters and from Taylor's widow to do so. Taylor's other paper, the Manchester Evening News, was inherited by his nephews in the Allen family. Scott made an agreement to buy the MEN in 1922 and gained full control of it in 1929.
Although a lifelong liberal, Scott had a troubled relationship with Lloyd George. Traditionally on the radical left of the party he was astounded by the pro-Zionist line taken by the Coalitionists, a position he heartily endorsed. On 4 August 1914 it was Scott that the Chancellor of Exchequer turned to for a favourable editorial comment. Whilst in London he stayed at the central location of Nottingham Place from where he could gather news intelligence on European developments. Would the government declare war? Scott recorded that the German ambassador had been deceived into believing that Britain would stay outside the conflict, but liberal policy always accentuated one of "continuity" of free radicals at its heart. But for Scott the Cabinet remained too reticent to act, too timid an indication of his movement towards MacDonald and Labour, they espoused a pacifist position in Britain, which he was warned was "pro-German". He was a friend of the radical Charles Hobhouse MP, not in the War Cabinet.
Most instructive of his communicating skills was the introduction he made of Chaim Weizmann to Lloyd George. He struck up a remarkable friendship with the Jewish émigré, whose intellectual brilliance and business savvy was attracting the attention of the Tory Press and senior ministers. Scott wrote in the New Statesman dealing frankly and with the Herbert Memorandum, but Scott investigated the wartime traitor Sir Roger Casement. His story was linked to Collins' Dublin builder T. P. O'Connor, who more than any Irishman had served to hide the general's presence from the RIC. In Ulster Joe Devlin warned the Left of the impending violence should they not heed the warnings contained in the newspapers about the coming military occupation; the Curragh incident had profoundly shocked the establishment in Ireland. Scott was intensely clubbable: gregarious and abounding in bonhomie, he met at the Reform Club and with his left-wi
International Standard Serial Number
An International Standard Serial Number is an eight-digit serial number used to uniquely identify a serial publication, such as a magazine. The ISSN is helpful in distinguishing between serials with the same title. ISSN are used in ordering, interlibrary loans, other practices in connection with serial literature; the ISSN system was first drafted as an International Organization for Standardization international standard in 1971 and published as ISO 3297 in 1975. ISO subcommittee TC 46/SC 9 is responsible for maintaining the standard; when a serial with the same content is published in more than one media type, a different ISSN is assigned to each media type. For example, many serials are published both in electronic media; the ISSN system refers to these types as electronic ISSN, respectively. Conversely, as defined in ISO 3297:2007, every serial in the ISSN system is assigned a linking ISSN the same as the ISSN assigned to the serial in its first published medium, which links together all ISSNs assigned to the serial in every medium.
The format of the ISSN is an eight digit code, divided by a hyphen into two four-digit numbers. As an integer number, it can be represented by the first seven digits; the last code digit, which may be 0-9 or an X, is a check digit. Formally, the general form of the ISSN code can be expressed as follows: NNNN-NNNC where N is in the set, a digit character, C is in; the ISSN of the journal Hearing Research, for example, is 0378-5955, where the final 5 is the check digit, C=5. To calculate the check digit, the following algorithm may be used: Calculate the sum of the first seven digits of the ISSN multiplied by its position in the number, counting from the right—that is, 8, 7, 6, 5, 4, 3, 2, respectively: 0 ⋅ 8 + 3 ⋅ 7 + 7 ⋅ 6 + 8 ⋅ 5 + 5 ⋅ 4 + 9 ⋅ 3 + 5 ⋅ 2 = 0 + 21 + 42 + 40 + 20 + 27 + 10 = 160 The modulus 11 of this sum is calculated. For calculations, an upper case X in the check digit position indicates a check digit of 10. To confirm the check digit, calculate the sum of all eight digits of the ISSN multiplied by its position in the number, counting from the right.
The modulus 11 of the sum must be 0. There is an online ISSN checker. ISSN codes are assigned by a network of ISSN National Centres located at national libraries and coordinated by the ISSN International Centre based in Paris; the International Centre is an intergovernmental organization created in 1974 through an agreement between UNESCO and the French government. The International Centre maintains a database of all ISSNs assigned worldwide, the ISDS Register otherwise known as the ISSN Register. At the end of 2016, the ISSN Register contained records for 1,943,572 items. ISSN and ISBN codes are similar in concept. An ISBN might be assigned for particular issues of a serial, in addition to the ISSN code for the serial as a whole. An ISSN, unlike the ISBN code, is an anonymous identifier associated with a serial title, containing no information as to the publisher or its location. For this reason a new ISSN is assigned to a serial each time it undergoes a major title change. Since the ISSN applies to an entire serial a new identifier, the Serial Item and Contribution Identifier, was built on top of it to allow references to specific volumes, articles, or other identifiable components.
Separate ISSNs are needed for serials in different media. Thus, the print and electronic media versions of a serial need separate ISSNs. A CD-ROM version and a web version of a serial require different ISSNs since two different media are involved. However, the same ISSN can be used for different file formats of the same online serial; this "media-oriented identification" of serials made sense in the 1970s. In the 1990s and onward, with personal computers, better screens, the Web, it makes sense to consider only content, independent of media; this "content-oriented identification" of serials was a repressed demand during a decade, but no ISSN update or initiative occurred. A natural extension for ISSN, the unique-identification of the articles in the serials, was the main demand application. An alternative serials' contents model arrived with the indecs Content Model and its application, the digital object identifier, as ISSN-independent initiative, consolidated in the 2000s. Only in 2007, ISSN-L was defined in the
Inheritance Tax in the United Kingdom
In the United Kingdom, Inheritance Tax is a transfer tax. It was introduced with effect from 18 March 1986. 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 realty or personalty: From 1694, Probate Duty, introduced as a 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 Duty, a duty introduced by the Succession Duty Act 1853 applying to realty settlements, taking effect on the death of the settlor From 1881, Account Duty applied as an anti-avoidance duty on lifetime gifts made to avoid paying Legacy Duty From 1885, Corporation Duty applied to the annual value of certain property vested in corporate and unincorporated bodies that would otherwise have avoided any of the above duties From 1889, Estate Duty, being an additional stamp duty on estates and successions greater than £10,000 in valueIn 1894, estate duty replaced probate duty, account duty, certain additional succession duties, temporary estate duty.
Legacy duty and succession duty were abolished by the Finance Act 1949, followed by the abolition of corporation duty by the Finance Act 1959. The three-year period for gifts made prior to death was extended to five years by the Finance Act 1946, to seven years by the Finance Act 1969. Estate duty became more progressive in scale peaking in 1969 with the highest marginal rate fixed at 85% of amounts in excess of £750,000, provided that total duty did not exceed 80% of the value of the total estate. Estate duty was abolished with the passage of the Finance Act 1975, which created the Capital Transfer Tax, with the following characteristics: It captured all transfers of value, not made at an arm's length basis, by which the transferor's estate was less in value after the disposition than it was before. Value was defined as "the price which the property might reasonably be expected to fetch in the open market at that time. Transfers made during a person's lifetime were accumulated with tax assessed on a sliding scale on the total amount.
All transfers made at death or within three years before were taxable at a separate, higher sliding scale. Where the transferor was domiciled in the United Kingdom, tax was chargeable on all subject property. CTT was reduced in scope during the Thatcher years, with most lifetime gifts removed by the Finance Act 1986; the tax was renamed as Inheritance Tax. For IHT purposes, a person's estate includes: The aggregate of all the property, other than excluded property and specified interests in possession, to which he is beneficially entitled. Excluded property comprises: Property situated outside the United Kingdom, where the person beneficially entitled to it is an individual domiciled outside the United Kingdom. Relief is granted, where the value of the estate is reduced with respect to specified business property, agricultural property, certain transfers made within three years of death made at a diminished value, certain other cases. Deductions will be made from an estate's nil rate band with respect to transfers of value made in excess of specified limits, other than "potentially exempt transfers" made more than seven years before the transferor's death.
Transfers of value made within specified limits are known as "exempt transfers". Transfers of value will include gifts arising from the amount by which an asset is sold for less than it could have been sold on the open market, as for a sale from a parent to a child. Gifts can arise where: a lease is granted at less than full market rent, shares in a private company are rearranged, rights in such shares are altered, or there has been agreement to act as a guarantor for someone else's debts transfers of value, at a loss to the donor, have been made to certain trusts premiums have been paid on a life insurance policy for the benefit of someone else the deceased ceased to have a right to a benefit from a trust or settlementWhere the value of such transfers exhausts the amount available to the nil rate band, IHT is assessed on the excess amount, to which the recipients of such transfers bear the liability to pay. For deaths occurring on or after 1 September 2006, the following estates are excepted from liability for IHT: Tax is assessed at 40% of the net value of the estate, after application of the nil rate band.
The applicable nil rate band will depend on the date of death: if the date falls at any time from 6 August to 5 April in a given tax year, the current year's band will apply. For deaths occurring after 5 April 2012, the ta