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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.

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.