Reforming Valuation and Rating in Scotland

Article Abstract:

Proposals for reform of Scotland's rate and rating system are the center of discussion. In a survey to evaluate options to the present rating systems, responses indicated interest in abolishing the present system, but were not supportive of any of the options. In its White Paper published in August 1983, entitled 'Valuation and Rating in Scotland: Proposals for Reform', the government discusses changes in the system. Several discrepancies exist between Scotland's system and that of England and Wales; many due to the timing difference in assessments. The discussion is divided into two sections: rating and valuation. To ease the burden of small businesses, the Scottish government will derate specific non-domestic categories. The appeal system will be improved. Little is suggested to minimize differences across the border. When valuations are linked to market value and equally timed, valuations will be more equitable. Debate on rating centers around who has mandate, the federal or local government, regarding level of services in the local area. 'Rate-capping' is gaining opposition from all facets.

Local government, Valuation, State taxation, Property taxes, Property tax

---

Willing - and legal - in Scotland

Article Abstract:

People should not attempt to draw up wills by themselves. Lawyers should be consulted when preparing wills to ensure the wills' validity, or freedom from latent and patent defects. In Scotland, the lawyer has final responsibility for a will's validity. Three examples of effective Scottish wills are discussed: for the middle-aged couple with offspring; for the middle-aged couple with no children; and for married couples, one or both of whom are involved in a second marriage. Also discussed are the inalienable rights of widows and children under Scottish law that can override provisions within wills, the fallacy of believing one's assets are no longer one's own following their documentation within a will, the procedures related to claiming legal rights in Scotland, and the responsibilities of Scottish courts in administering estates with foreign holdings.

Inheritance and succession, Remainders (Estates), Wills

---

The Bankruptcy (Scotland) Act 1985

Article Abstract:

The Bankruptcy (Scotland) Act of 1985 replaces the Act of 1913. The new Act embodies some changes on the subjects of the debtors and 'erstwhile bankruptcies', discharge of debtors, the interim trustee and his powers, appointment and duties of permanent trustees, preferential creditors, and discharge of permanent trustees. The Scottish law is deemed to have been 'exceptionally well drafted'.

Interpretation and construction, Laws, regulations and rules, Commercial law, Bankruptcy law, Corporate reorganizations

Similar abstracts:

• Abstracts: Valuation discounts are available in an estate plan. Mid-America Apt. Comm - MAA. EBay's real estate solution
• Abstracts: On the valuation of an option to exchange interest rate for another. Valuation of adjustable rate mortgages with automatic stretching maturity
• Abstracts: A principled approach to providing assurance. Computer accounting - the way forward
• Abstracts: Analysis of diversification benefits of investing in the emerging gulf equity markets. A comparative analysis of information search and evaluation behavior of professional and non-professional financial analysts
• Abstracts: The Bank That Banked on Telemarketing. Telemarketing in the Insurance Industry

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.