HyperV Annoyance: An error occurred while attempting to snapshot the selected virtual machine - Access denied : Solution

I recently moved to Windows 8 and one of its best features is the Hyper-V role on the client SKU. At times, when I import VHDs from my friends and try to create a snapshot, the HyperV throws an error saying "An error occurred while attempting to snapshot the selected virtual machine: Access denied"

This is because of an ACL mis-configuration and can be fixed in a jiffy.

Note: This is my quick and dirty method of fixing the issue. Not sure if it is the recommended one.

Solution:

1. Login as the administrator of the machine

2. Right click on the folder in which you have placed the VHD and click on Properties

3. Go to Security tab and click on Advanced

4. Click on Enable Inheritance and check "Replace all child object permission entries with inheritable permission entries from this object"

5. Click Apply

This should resolve the security permission issue.