Chapter 7: Property Law

Question 1

Tax Context

How is an Asset Defined for Capital Gains Tax Purposes?

Answer 1

An Asset is All Forms of Property in the UK or Overseas.

Question 2

Tax Context

How is an Estate Defined for Inheritance Tax Purposes?

Answer 2

An Estate is All of the Property the Deceased in Beneficially Entitled to.

Question 3

Property

What is Property?

Answer 3

Any “Thing” Capable of Being Owned by a Person.

Question 4

Classification of Property

What is Realty Property?

Answer 4

Freehold Land and Attached Fixtures.

Question 5

Co-Ownership of Property

What is a Joint Tenancy?

Answer 5

Where Two or More People Jointly Own as Asset.

Question 6

Co-Ownership of Property

What is the Right of Ownership?

Answer 6

Where a Co-Owner’s Share Automatically Passes to the Surviving Tenants on Death.

Under a Joint Tenancy

Question 7

Intellectual Property

What are Monopoly Rights?

Answer 7

A Prevention of Trespass Into Protected Territory.

Must be Registered to Retain Rights.

Question 8

Intellectual Property

What is the General Rule Surrounding Ideas?

Answer 8

Ideas Cannot be Protected.

Hence Unregisterable

Question 9

Protection of Intellectual Property

How Long are Registered Patents Protected for?

Answer 9

20 Years.

Registration Must be Renewed Every 5 Years.

Question 10

Protection of Intellectual Property

How Long are Registered Trademarks Protected for?

Answer 10

10 Years.

Registration Can be Renewed for a Further 10 Years.

Question 11

Protection of Intellectual Property

How Long are the Following Copyrights Protected for:
* Literature/Music/Art/Film?
* Sound Recording?
* Broadcasts?

Answer 11

• 70 Years From Author’s/Director’s Death
• 70 Years From Release
• 50 Years From Date Made

Question 12

Location of Property

How is a Properties Location Determined?

Answer 12

Using the Lex Situs Rules.

Question 13

Transfer of Ownership in Property

What is the Formality of a Transfer in Ownership of Choses in Possession?

Answer 13

Physical Delivery.

Question 14

Transfer of Ownership in Property

What are the Formalities of a Transfer in Ownership of Land?

Answer 14

• Registered Land - In Writing in the Form of a Transfer Document
• Unregistered Land - A Conveyance

Question 15

Transfer of Ownership in Property

What is the Formality of a Transfer in Ownership of Shares?

Answer 15

In Writing in the Form of a Stock Transfer Form.