A trust is a fiduciary relationship in which one party, known as a trustor (or settlor), gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party – the beneficiary. Trusts are governed by the terms under which they are created and are usually…
Read More »A pension fund (also known as a retirement fund or superannuation fund) is any plan, fund, or scheme which provides retirement income. The Romans started the first pension scheme in 13 B.C. when Roman Emperor Augustus began paying pensions to Roman Legionnaires who had served 20 years. These armed forces pensions were financed at first…
Read More »A playing card is a piece of specially prepared heavy paper, plastic-coated paper, cotton-paper blend, or thin plastic, marked with distinguishing motifs and used as one of a set for playing card games. Playing cards are typically palm-sized for convenient handling and were first invented in China during the Tang dynasty in 900 AD. Although…
Read More »A candle is an ignitable wick embedded in wax, fat, tallow or another flammable solid substance. They have been used throughout history for light, heat, fragrance, aesthetic value and sometimes to tell the time. The earliest candles originated in Han China around 200 BC and were made from whale fat. By the 13th century, candle…
Read More »The Plantagenet Kings of England had the medieval right to require Maritime towns and counties to furnish them with ships in times of war. This duty was sometimes commuted for money, which became known as ‘ship money’. Ship money was unique as it was one of the few taxes the Monarchy could levy without the…
Read More »In ancient times, salt was essential to preserve food and maintain people’s health. Humans require salt in their diet as through sweating their body loses salt every day. If this salt isn’t replaced then the resulting sodium deficiency can cause weakness, fatigue, vomiting, dizziness, shock, and even death. A…
Read More »A hearth is a brick or stone-lined fireplace used for heating and cooking food. The word ‘hearth’ derives from an Indo-European root, ker, referring to burning, heat, and fire. For centuries, the hearth was the central and most important feature of a home and from this originated the saying, ‘keep the home fires burning’. A…
Read More »One of the first recorded taxes on income was the Saladin tithe introduced by Henry II in 1188 to raise money for the Third Crusade. The tithe demanded that each layperson in England and Wales be taxed one tenth of their personal income and moveable property. The tithe was assessed by dioceses, rather than by…
Read More »In 1100 the English introduced a Feudal land tenure system for mounted knights called knight-service. The king issued knights with small blocks of land in exchange for them taking a vow of loyalty and accepting the obligation to perform military service. When the knights were called, they were required to provide forty days military…
Read More »The Danegeld, or Dane tribute, was a tax raised to pay tribute to the Viking raiders to save a land from being ravaged. The tax was collected from the citizens and jointly used to buy off the attackers, and also pay the defence forces a wage. In 810 a Danish fleet of two hundred vessels…
Read More »"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2