OK, I have done a little bit of research into this.
UK copyright law confers rights both in the original literary work (which last for 70 years after the author's death) and in published editions of literary works (which last for 25 years after the publication of the edition). These rights exist independently. Anyone wishing to publish an edition of a literary work (or adapt it in any way) will require permission from the owner of the rights in that work. With the publication of the edition, separate rights will arise but they will only apply to protect the format in which the work is published and not the work itself, which remains protected by the original copyright.
So, I would guess that Tolkien (or rather his estate) remains the owner of the rights in the original work, Lord of the Rings, and that it will continue to own those rights until 70 years following his death (unless they are, or have been, transferred - the film and merchandising rights have already been transferred). The rights in the various editions (ie their typographical arrangement) belong to the publishers and are separately protected. This protection lasts for 25 years following their publication. The differing refences to copyright in the different editions referred to above must therefore refer only to copyright in those editions.
One further complication. It is only the economic rights in the original work (essentially the rights to prevent or authorise copying, lending, adaptation etc and to receive royalties for authorised use) which can be tranferred. The moral rights (the rights to be identified as author of a work and to object to derogatory treatment of it) remain with the author and pass to his or her heirs on death.
I hope that this answers some questions.
Now, as for my fee ...
Although one question remains (unfortunately, the central one here). Does altering a few words in the text and thereby altering the meaning in some respects create a new "original work"? Hmm, perhaps some further research is on order ...
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Do you mind? I'm busy doing the fishstick. It's a very delicate state of mind!
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