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STEP Journal: June 2016 - Full Issue

  • Celebrating 25 years of STEPSTEP’s 25th anniversary is an important milestone, as the Society continues to grow globally, and its members and their clients encounter so much more technical complexity than they did a quarter of a century ago.
  • The little EU regulation that wasn’t thereThe UK should not pretend the EU Succession regulation doesn’t exist, says Richard Frimston.
  • Networking’s not workingBusinesses should become more networking-savvy, says Steven Howells. Here’s how.
  • The TEP’s TEPRoland Jones TEP is a seasoned STEP volunteer, having held, and still holding, an impressive list of positions on STEP committees and working groups. Here he discusses the challenges faced by the industry and STEP, and the rewards of championing members’ interests.
  • Legacy system Amanda Edwards discusses the taxation of transfers to legatees.
  • A cure for care costsClive Barwell explains how an ‘immediate needs plan’ can be used to fund care costs in England and Wales.
  • Take the bull by the hornsClients with links to Spain should immediately analyse their tax residence in light of the OECD’s Common Reporting Standard, writes Patricia García Mediero.
  • Hot ticketsEmma Lejeune and Harriet Rhoda outline why Gibraltar is an ideal jurisdiction for high-net-worth clients; Petros Rialas presents the case for Cyprus as an attractive option for international families; and Jean-Philippe Chetcuti highlights Malta’s allure for family businesses.
  • No small beerBelgian-resident taxpayers with a trust or trust-like arrangement may be subject to the so-called ‘Cayman tax’, Anton van Zantbeek explains.
  • The vault opensAriel Sergio Goekmen considers the current state of Swiss banking secrecy.
  • A level playing field?German rules that provide lower inheritance-tax relief for persons with limited tax liability have been found to violate one of the fundamental freedoms of the single market, Dr Andreas Richter and Stephan Hamacher explain.
  • How far come we haveGeoffrey Shindler recalls how STEP, conceived 25 years ago in a Baker Street office, has grown into a worldwide network of over 20,000 members.
  • Silver highlightsOn STEP’s silver anniversary, we look back at some of the major milestones in the past quarter of a century, and ask what the Society will look like in another 25 years.
  • How times have changed On STEP’s silver anniversary, we look back at some of the major milestones in the past quarter of a century, and ask what the Society will look like in another 25 years.
  • STEP by STEPWhat value do members place in STEP? Here is what some of you have to say.
  • The Mossack Fonseca leak: reading between the lines The leak of client data from Panamanian law firm Mossack Fonseca raised many questions about the future of tax planning. So how should practitioners be advising clients? A STEP Journal roundtable, sponsored by SANNE, saw nine experts gather at the Law Society of England and Wales to discuss issues including privacy, reputation and compliance.
  • That’s life insuranceMichael Grob outlines the uses of life insurance as a planning tool for high-net-worth clients with cross-border interests.
  • What were you thinking?Mental incapacity is a defence under US law for failure to file the Report of Foreign Bank and Financial Accounts form, but actually proving clients’ incapacity is a different matter altogether, writes Sanford I Millar.
  • Consider your cross optionsEmma Rudge advises on how to ‘insure’ a smooth share transfer on death.
  • The best-laid pension plans...The reduction in the lifetime allowance and other changes to UK pension rules mean high earners must review their retirement strategy, notes Patrick Connolly.
  • Always remember the golden rule A recent case in the Court of Appeal of England and Wales provides a salutary reminder to practitioners of the use of the golden rule, Emily Deane explains.
  • Mental Capacity: Law and Practice Before I had a chance to properly review Mental Capacity: Law and Practice, I found cause to consult it in order to unravel a knotty capacity problem. My query was answered perfectly.

TQR: June 2016

  • Game onEuro 2016 gives rise to the reflection that financial centres, just like football teams, are in perpetual competition. With the stakes now so high, can the playing field ever be level?
  • What's done can be undoneA review of In the Matter of the Z Trust, in which the Royal Court of Jersey clarified its powers to ratify actions of invalidly appointed trustees
  • Trouble at the borderWhat are the issues and possible solutions when implementing an estate plan involving assets in both a common- and a civil-law jurisdiction, such as the UK and France?
  • Think bigWhy more states should ratify the Hague Convention on the International Protection of Adults
  • Rigour mortisThe recent Court of Appeal of England and Wales decision in King v Dubrey emphasises the need for strict compliance with the test for making a valid deathbed gift
  • Fight or flight?Should trustees enduring friction and hostility from beneficiaries stay or go?
  • Book review: The Islamic Law of Wills and Inheritance