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STEP Journal: February 2017 - Full Issue

  • Foreword - February 2017STEP Journal February 2017. Forword. Simon Rylatt.
  • Winds of changeSTEP Journal February 2017. Winds of change. Worldwide Chair Patricia Wass looks ahead to the next 12 months – and beyond.
  • In the public eyeSTEP Journal February 2017. In the public eye. Emily Deane provides an update on STEP’s public policy activity.
  • Coq au vin or chicken supreme?STEP Journal February 2017. Coq au vin or chicken supreme? The rights of man and the EU’s Fourth Anti-Money Laundering Directive are cooking up a political storm, writes Richard Frimston.
  • Freedom to RomeSTEP Journal February 2017. Freedom to Rome. Nicola Saccardo explains the new tax regime designed to encourage high-net-worth individuals to transfer their tax residence to Italy.
  • For whose eyes only?STEP Journal February 2017. For whose eyes only? Jonathan Cooke highlights why trust and estate accounts should be prepared and who should approve them.
  • One size fits all?STEP Journal February 2017. One size fits all? A consistent approach is beneficial for charities making ethical judgments over corporate partnerships, explains Julie Hutchison.
  • Devil in the details in TasmaniaSTEP Journal February 2017. Devil in the details in Tasmania. The High Court of Australia’s decision in Badenach v Calvert has implications for practitioners’ duty of care to clients, explains Christina Flourentzou.
  • Pearls from the OrientSTEP Journal February 2017. Pearls from the Orient. The liability of a foreign executor to UK inheritance tax and the burden of tax was the subject of review in a recent Hong Kong case, explains Robin Paul.
  • All the charity in ChinaSTEP Journal February 2017. All the charity in China. Hao Wang provides an overview of the latest developments under the Charity Law of the People’s Republic of China.
  • Wealth of opportunitySTEP Journal February 2017. Wealth of opportunity. A recent Jersey Finance white paper explores Chinese attitudes to wealth management and overseas structures. Geoff Cook examines the findings.
  • The lion’s shareSTEP Journal February 2017. The lion’s share. André Reboh highlights the benefits of establishing a Singapore holding company.
  • Trusting is believingSTEP Journal February 2017. Trusting is believing. Iain Johns explains the growing appeal of managed trust companies in China.
  • A cross to bearSTEP Journal February 2017. A cross to bear. Cross-border giving is being hindered by legislative restraints, writes Jonathan Brinsden.
  • A game of riskSTEP Journal February 2017. A game of risk. Good governance is integral for trustees of charities and fiduciaries looking to mitigate risk, advises Jacqui Lazare.
  • The dos and don’ts of DAFsSTEP Journal February 2017. The dos and don’ts of DAFs. Donor-advised funds are a cost-effective, convenient and flexible estate planning tool, explains John Canady.
  • The GREat beyondSTEP Journal February 2017. The GREat beyond. Maria Elena Hoffstein highlights the latest income tax changes regarding estate gifts in Canada and explains why it is important to plan philanthropy in advance.
  • You win some, you choose someSTEP Journal February 2017. You win some, you choose some. How the choice-of-law election under Brussels IV can impact US and UK testators.
  • Once the trust has settled...STEP Journal February 2017. Once the trust has settled... A guide for trustees on updated UK non-domiciled tax rules, by Nicole Booth.
  • The BEPS effectSTEP Journal February 2017. The BEPS effect. What you need to know about base erosion and profit shifting, according to Michael Cadesky.
  • A second chanceSTEP Journal February 2017. A second chance. Luigi Belluzzo and Alessandro Umberto Belluzzo discuss how the new Italian voluntary disclosure programme may also affect former Italian taxpayers who have changed their tax residence since 2010.
  • Weighing the benefitsSTEP Journal February 2017. Weighing the benefits. David Wedgwood looks at Ilott v Mitson and how legacies may impact benefits in England and Wales.
  • Differing expectationsSTEP Journal February 2017. Differing expectations. It is important to be aware of retiring trustees’ indemnity requirements when domesticating a foreign trust, writes Michael Betley.
  • Early-warning systemsSTEP Journal February 2017. Early-warning systems. Issues causing disputes in family businesses may need to be proactively addressed early on to avoid later crises, explain Richard Norridge, Mark Geday and Neil Blake.
  • Book Review: The Destructive Power of Family WealthSTEP Journal February 2017. Book Review: The Destructive Power of Family Wealth. By Philip Marcovici TEP. Reviewed by Michael Olesnicky TEP

STEP Journal: December 2016/January 2017 - Full Issue

  • STEP Journal December 2016/January 2017: ForewordSTEP Journal December 2016/January 2017: Foreword. The regional focus in this issue centres on Europe. It will be interesting to see how ‘Europe’ looks when STEP celebrates its 35th anniversary in ten years’ time. The Brexit vote in the UK, cast back in June as part of a democratic process, has brought a great deal of uncertainty.
  • Looking to the futureSTEP Journal: December 2016/January 2017. Looking to the future. Edward Buckland reflects on his time as Chair of STEP as he reaches the end of his tenure.
  • A step in the rights directionSTEP Journal: December 2016/January 2017. A step in the rights direction. Recent decisions of the French Constitutional Court and the UK Supreme Court put fundamental questions of human rights in the spotlight, writes Richard Frimston.
  • Reality check on swift transactionsSTEP Journal: December 2016/January 2017. Reality check on swift transactions. Receiving instructions in time to take action before the end of the tax year is always an issue, but it could prove to be of even greater concern at the start of 2017, Sally Edwards and Katherine Neal explain.
  • Beyond the letter of the lawSTEP Journal: December 2016/January 2017. Beyond the letter of the law. Updated guidance for STEP members involved in UK tax planning takes effect on 1 March 2017. Michael Young of STEP’s Professional Standards Committee highlights the changes.
  • The Ghost of Tax Yet to ComeSTEP Journal: December 2016/January 2017. The Ghost of Tax Yet to Come. Amanda Edwards proposes an estate-themed epilogue to Dickens’ A Christmas Carol.
  • Top of the classSTEP Journal: December 2016/January 2017. Top of the class. STEP is pleased to announce the highest-scoring students from the 1 January to 30 June 2016 sittings across all STEP exams globally.
  • Better togetherSTEP Journal December 2016/January 2017. Better together. Felicity Keller and Cécile Civiale Vuillier, Co-Chairs of the newly formed Swiss and Liechtenstein STEP Federation, discuss the important role it has to play in representing the interests of practitioners from the region.
  • Mountain to climbSTEP Journal: December 2016/January 2017. Mountain to climb. Tina Wüstemann, Andrew Garbarski and Aurélie Conrad Hari summarise what foreign trustees need to know in relation to trusts with a link to Switzerland.
  • Franc assessmentSTEP Journal: December 2016/January 2017. Franc assessment. Frédérique Bensahel and Fabianne de Vos Burchart analyse proposed reforms to regulation of Swiss financial institutions.
  • Liberté, égalité, privacy?STEP Journal: December 2016/January 2017. Liberté, égalité, privacy? The French Constitutional Court has issued judgment on the constitutionality of France’s public register of trusts. The firm representing the claimant in the challenge reports the outcome. Michael Khayat is a Partner, and Stanislas Pannetier is a Lawyer, at Arkwood SCP, which represented the claimant in the legal challenge to the Constitutional Court.
  • Golden opportunitySTEP Journal: December 2016/January 2017. Golden opportunity. For British citizens preparing for Brexit, Portugal’s citizenship and residence regime, including the ‘golden visa’, may provide an attractive option.
  • Mediterranean sea changeSTEP Journal: December 2016/January 2017. Mediterranean sea change. Enduring powers of attorney have recently been introduced into Malta’s Civil Code, Dr Anthony Cremona explains.
  • The final chapter?STEP Journal December 2016/January 2017. The final chapter? The Italian Supreme Court has recently issued a decision on the taxation of trusts, Raul-Angelo Papotti explains.
  • Virtual becomes realitySTEP Journal December 2016/January 2017. Virtual becomes reality. Virtual currencies’ trading value and volume continue to soar globally. Sara Johns discusses opportunities for practitioners, and explains how Jersey is legislating to stay ahead of this fast-moving technology.
  • The writing on the firewallSTEP Journal December 2016/January 2017. The writing on the firewall. Data breaches are an increasing source of concern for all companies, especially those handling sensitive client data. Magnus Boyd explains why building a ‘human firewall’ is integral to achieving effective data security.
  • You get what you giveSTEP Journal: December 2016/January 2017. You get what you give. Businesses can do more to make the most of the technology at their disposal, writes Steve Howells.
  • The view from the topSTEP Journal December 2016/January 2017. The view from the top. Working with high-growth entrepreneurs brings a series of unique challenges for advisors. Succession planning, governance and structuring family wealth were among the topics up for discussion at a STEP Journal roundtable, sponsored by First Names Group and held at the Shangri-La Hotel, high up in London’s iconic Shard.
  • Cold comfortSTEP Journal: December 2016/January 2017. Cold comfort. Richard Brown provides a Jersey perspective on the recent freezing injunctions against discretionary trusts by the English Court of Appeal.
  • No shades of greySTEP Journal: December 2016/January 2017. No shades of grey. Beatriz Brockhurst shares the findings of a STEP survey on the state of the offshore industry.
  • Fixed for lifeSTEP Journal: December 2016/January 2017. Fixed for life. Simon Gorbutt and Gonzalo García Pérez explain how portable insurance solutions can help address planning concerns for cross-border, high-net-worth clients.
  • A sorry estateSTEP Journal: December 2016/January 2017. A sorry estate. Ray Magill highlights how often-overlooked provisions in the UK Finance Act 1986 can lead to disproportionate inheritance tax liabilities.
  • Russian tollSTEP Journal: December 2016/January 2017. Russian toll. Amendments introduced in February 2016 prompt Ekaterina Lazorina and Diana Kalyaeva to review Russia’s controlled foreign company regime.
  • TQR: Something old, something newSTEP Journal: December 2016/January 2017. TQR: Something old, something new. Below is a sampler of the latest Trust Quarterly Review (volume 14, issue 3, 2016), published by STEP in association with TACT. Read more and access the archive at www.step.org/tqr, or download the PDF at bit.ly/2dHeyUAt
  • Book Review: Elderly Clients - A Precedent Manual, fifth editionSTEP Journal: December 2016/January 2017. Book Review: Elderly Clients - A Precedent Manual, fifth edition, fifth edition.