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STEP Journal: April 2016 - Full Issue

  • Foreword - April 2016Welcome to the April edition of the STEP Journal. Our focus this time around is on family businesses and, in particular, the great many challenges and corresponding opportunities that such enterprises offer.
  • Sliced salami or the kitchen sink?Richard Frimston explains the two approaches underpinning EU legislation.
  • Reserve judgmentChristopher Bevan asks whether trusts can operate under corporate distribution principles in Australia.
  • Inheritance tax resurrectedVicky Rodrigues discusses the return of inheritance tax in Portugal.
  • Learning from the bestAmanda Simmonds, one of the newest recruits to STEP Council, discusses the benefits of being involved in the Society at leadership level.
  • Problem PETsAmanda Edwards discusses the regime for potentially exempt transfers by life tenants and notes that, in some cases, the primary liability for inheritance tax lies with the trustees.
  • Protectors: a protected species?Two recent judgments from the courts of Jersey and Guernsey prompt Peter Hodson to consider issues around the removal of trust protectors.
  • With great power… A recent decision in the Royal Court of Jersey has given clear guidance on the duties of a person appointing trustees or protectors of a trust. Andreas Kistler and Alexa Saunders examine the decision and consider its impact.
  • Depend on the Dependencies Fiona Corbet explains what the Crown Dependencies can offer international clients, and provides an overview of recent regulatory changes.
  • Creditor checkMathew Newman and Emma Hill discuss a recent case indicating that, in insolvency matters, the Guernsey Royal Court may be inclined to consult creditors before it applies pure trusts law.
  • The grand handoverSusan Hoyle considers why some family business owners are so reluctant to plan for succession, and what to do when they have been brought around.
  • Attitude adjustmentTo be effective, family business ownership policies must reflect the family’s attitude to four key questions, notes Ken McCracken.
  • Fair sharesJohn FitzGerald explains how shares can be used to achieve succession-planning objectives.
  • Welcome to the foldOne of the most important decisions for a family business is whether it ought to recruit an executive from outside the family. Penny Webb outlines some of the questions that should be asked in this situation.
  • Tame the tigerHans Diederen explains how advisors can prevent Asian family business owners from falling prey to common succession-planning problems.
  • Just for the recordDavid Dorgan considers the different approaches Jersey trustees can take to minute-writing.
  • A century of successionThis year marks the centenary of the enactment of Panama’s Civil Code, which contains the main provisions for estate and succession law. Here, Alvaro Aguilar highlights the succession rules and formalities for granting wills contained in the Code.
  • Champion of the vulnerableCarol McBride, Director and Head of Private Client, explains how the firm provides exceptional service to vulnerable clients, and calls on other stakeholders to raise their game in the provision of services.
  • Do you take this trust…Claire Blakemore asks if it is possible to ‘nuptialise’ or ‘denuptialise’ a trust, in light of two recent cases of the family courts in England and Wales.
  • Forget me notKate Maybury reminds practitioners in the UK of the relief available under s11 Inheritance Tax Act 1984 when making transfers to children.
  • Damages controlPeter Murrin explains the benefits of personal injury trusts in Scotland.
  • Thy will be done?Richard Dew questions whether testamentary freedom in England and Wales is as absolute as many like to think
  • Fiduciary Property Management and the Trust Published in October 2015, Fiduciary Property Management and the Trust provides a historical analysis of the Anglo-Saxon trust, together with a comparative law review of similar civil-law institutions.

STEP Journal: March 2016 - Full Issue

  • Foreword - March 2016In this edition, there are over 20 articles, delivering short, sharp bursts of professional development: see Richard Frimston’s excellent article on the slow and painful progress of the EU Succession Regulation
  • The EU Succession Regulation and the Norwegian Blues: where have we got to?Richard Frimston considers how practitioners are faring with the EU Succession Regulation, half a year after it took effect.
  • Swiss movementCan the Swiss private banking sector survive the major regulatory changes it currently faces? Dr Ariel Sergio Goekmen says it can, if it returns to its core values. .
  • What’s your master plan?Continuing professional development is a regulatory requirement for practitioners in most jurisdictions. Gill Steel shares her tips for those seeking to reinvigorate their training plan.
  • Pass the pensionJulie Hutchison discusses the inheritance of UK pension wealth.
  • Look before you leapYuri Andrey Mattana Freitas and William Heuseler discuss tax and regulatory issues connected to pre-emigration planning for Brazilian high-net-worth clients.
  • Perpetuities Revisited The Bermuda legislature has passed an important amendment to the rule against perpetuities. Keith Robinson explains the effect of the legislation.
  • Drop anchorAmanda Lashley stops to consider the wealth-planning tools on offer in Barbados.
  • Let me introduce…José Santos and Karen Gilbert highlight important legislative changes to the BVI’s eligible-introducer and anti-money laundering regimes.
  • Family favouriteCuraçao’s segregated trust company may be an attractive proposition for family offices looking to consolidate their governance structures, Bas Horsten explains.
  • Moment of truthVictor M Barajas talks about Mexico’s new repatriation-of-funds programme, aimed at Mexican residents with unreported money or financial investments abroad.
  • Tick the right boxes
  • Near but too dear?Heledd Wyn discusses a recent Court of Protection case concerning gratuitous care payments to carers in England and Wales.
  • Joined-up thinking Talin A Hitik provides an overview of the Hague Convention on the International Protection of Adults
  • Something specialConcerns for special needs children in Singapore have led to the creation of the Special Needs Trust Company. On a recent trip to Singapore, Julia Abrey met with the charity. Here, she explains how it works.
  • Clear conscienceSally Bruce has high hopes that testamentary undue influence will be easier to prove in Australia, following the judgments of two supreme courts.
  • Decisions, decisionsKiran Vasudeva considers some of the challenges that a property and financial affairs deputy may face.
  • Sweet nothingIn the UK, the drafting of nil-rate-band legacies in wills is becoming increasingly complicated. Paul Saunders offers a reminder of how the terms of such legacies can be aligned with the testator’s intentions.
  • Spot the differenceAlthough Scottish trust law and English and Welsh trust law share many similarities, there are some important differences, Tom Duguid explains.
  • What’s the craic?John Gill, Allison Dey and Lydia McCormack outline Ireland’s residence test, concept of domicile and tax regime for non-Irish domiciled individuals.
  • A taxpayer’s bill of rightsTowards Greater Fairness in Taxation: A Model Taxpayer Charter, to be published in April, sets out a new model of taxpayer rights and responsibilities. Here, two of the book’s authors, Michael Cadesky and David Russell, explain why governments should endorse it.
  • The Franco-filesFrederic Mege provides an overview of French tax legislation applicable to trusts, focusing on trustees’ filing requirements.
  • Knight or pawn?Fareed Moosa explains the role of the Tax Ombud in South Africa and asks if it can fulfil its role as a guardian of taxpayers’ rights under the current level of governmental control.
  • Private Client Tax: Jurisdictional Comparisons (third edition)