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STEP Journal: August-September 2016 - Full Issue

  • Foreword - August-September 2016Welcome, everyone, to the August/September edition of the STEP Journal, which has a particular focus on art and the Caribbean and Latin America regions.
  • ‘Brexit means Brexit’, but what does Brexit mean?The UK’s decision to quit the EU leaves Richard Frimston with several questions. Could the EEA provide a solution? And what will happen once article 50 is invoked?
  • Plug your skills gaps
  • The only way is ethicsThe ‘Panama Papers’ prompt Jeff Halpern to consider the importance of STEP’s professional standards.
  • Put your money where your mouth isJulie Hutchison considers how charities can ensure their investment activities align with their missions.
  • Know your oats
  • Permanent wavesPeter Savory highlights what STEP members need to know about the latest amendments to the Turks and Caicos Islands’ immigration law and regulations, including the criteria for permanent residence.
  • A real changeA decision of Brazil’s IRS has clarified the criteria to determine a Brazilian tax resident from a non-tax resident citizen. Craig Barley explains.
  • Silver liningAdrian Diplotti provides a summary of Argentina’s new tax amnesty and voluntary-disclosure regime.
  • Island remedyColin McKie and Morven McMillan explain that, In the Matter of the Y Trust No 1, the Grand Court of the Cayman Islands demonstrated, once again, that it is willing to take a pragmatic and purposive approach to the construction of Cayman Islands trust deeds.
  • No strings attached Diana Wierbicki, N Todd Angkatavanich and Sarah Pickering offer US estate-planning strategies for high-value artwork. They address federal-transfer and income-tax issues, as well as New York sales and use-tax implications
  • Seeking acceptancePaul Fairbairn discusses acceptance in lieu, the UK tax relief that encourages state-sponsored giving.
  • Collect and protectSandrine Giroud, Nigel Glenday and Deborah Lechtman consider the opportunities and legal considerations of asset-based lending against art.
  • Structural artVivian Haines discusses alternative ways of holding art for UK-resident and domiciled art collectors.
  • Public affairsTwo solutions are being advocated to ‘clean up the offshore industry’: registers of beneficial ownership, and regulation of trust- and corporate-service providers. Here, Professor Jason Sharman and Geoff Cook say effective solutions require a combination of the two.
  • Abuse of trust?Public access to France’s trust register was suspended by the Conseil D’État just two and a half weeks after the register was launched. Adea Meidani and Agnès de l’Estoile-Campi give an overview of the register and discuss the implications of the court ruling.
  • All in the familyTrustees working with family businesses in Asia should consider introducing a formal family governance structure, says Melanie Ison.
  • Border controlDora Clarke, Michelle B Graham, Hannah Bond and Helen S Cheng discuss common problems arising in US-UK estate planning
  • Act of charityJacqui Lazare assesses the impact on trustees’ responsibilities of England and Wales’ Charities (Protection and Social Investments) Act 2016.
  • A problem sharedDaniel Ugur and Alfred Liu remind practitioners in the UK that income tax can come into play when shares in a family business are passed down to family members.
  • TQR: game on
  • Book Review - Trusts in Prime Jurisdictions, Fourth EditionBy Dr Alon Kaplan Reviewed by Dr Angelo Venardos

STEP Journal: July 2016 - Full Issue

  • Foreword - July 2016This editorial was written less than one week after the momentous EU referendum in the UK. As the Dutch Prime Minister has said, it seems that ‘England has collapsed, politically, monetarily, constitutionally and economically’.
  • The EU and minor children: a major problemRichard Frimston TEP considers the interplay between Brussels II bis, Hague 34 and English and Welsh legislation on the property of minor children.
  • Buy cheap, pay dearPaul Douglas and Michael Giraud warn of the dangers of engaging offshore service providers that are willing to offer services below market price.
  • Trusty foundationsPeter Hodson explains some advantages of the foundation over the trust.
  • Fiercely protectiveSim Bock Eng discusses the changes introduced by Singapore’s Mental Capacity (Amendment) Bill, which will better protect vulnerable clients.
  • Heavy dutyAs fiduciaries, directors of companies should not put themselves in a position where their interest and duty conflict. Andrew Lynn explains what can be learned from a recent ruling of the Hong Kong Court of Final Appeal on the scope of the no-conflict rule.
  • Timber! In Clayton v Clayton, the New Zealand Supreme Court ‘felled’ two trusts created by a timber-milling mogul, on dissolution of his marriage. John Brown and Vicki Ammundsen explain the case’s importance for other New Zealand trusts.
  • Transparency and the New World OrderDespite the increasing costs associated with heightened regulation and transparency, offshore jurisdictions continue to prove popular with Asian clients. Kate Hodson and Lara Mardell explain why.
  • Highest scorersIt is with great pride that we announce the top-scoring students from the 1 July to 31 December 2015 sittings across all STEP exams globally, and the winners of STEP Canada’s 2015 student awards. Congratulations to you all!
  • One of the family
  • Something to dwell onJohn McArthur explores the implications of the tax surcharge on the purchase of additional dwellings by individuals relocating between different parts of the UK.
  • Through the keyholeJim Carolan shares a few secrets for structuring real-estate assets in the US.
  • Properties of the JPUTClients seeking to invest in commercial real estate ventures frequently use a trust structure for that purpose. The Jersey structures are known as Jersey property unit trusts, or JPUTs. David Dorgan explains more about this structure.
  • What’s up down under?Practitioners with clients resident outside Australia who are considering investing in Australian real property should take note of changes to the country’s foreign-investment framework, Michael Flynn explains.
  • We’d like to know you betterBruce Zagaris explains what the US Treasury’s final rules on customer due diligence mean for US financial institutions.
  • Marital complications Dr Alon Kaplan and Meytal Liberman explain the interaction of matrimonial property rights with succession law in Israel.
  • Angelic investmentsGina M Pereira and Brock E Moseley discuss the challenges, duties and opportunities involved in sustainable investing.
  • ETF?!Charlotte Thorne explains how exchange-traded funds work, and how they can form part of a family wealth strategy.
  • Who’s really in control?Does a protector hold powers as a fiduciary, and can the court remove, appoint or control the exercise of their powers? Zillah Howard answers these questions by reference to recent cases from the courts in Jersey and the Isle of Man.
  • What a relief Paul Latham explores the ten-year periodic charge for discretionary trusts and demonstrates how investments that qualify for business property relief can effectively complement trust arrangements in the UK.
  • Timing is everything In a follow-up to his first article on personal-injury trusts in Scotland, Peter Murrin explains the importance of obtaining early advice and what steps can be taken to help facilitate the administration of the trust.
  • Before you go…Julie Butler highlights some practical points arising from Ilott v Mitson relating to will challenges and intestacy in England and Wales, and changes to the intestacy rules under the Inheritance and Trustees’ Powers Act 2014.
  • Book Review - Criminal Capital: How the Finance Industry Facilitates Crime Stephen Platt’s Criminal Capital offers an informative and objective examination of the financial-services industry, how it can be used for financial crime, and the challenges within the current legal and regulatory systems designed to combat financial crime.