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TQR: March 2016


STEP Journal: February 2016 - Full Issue

  • Foreword - February 2016Just how happy and prosperous will the new year be? There seems little doubt that the storm of terrorism will continue to rage. Temperatures in the Middle East are particularly high, and beheadings – both by Daesh and Saudi Arabia – are at chilling levels.
  • What’s next for STEP?Edward Buckland considers STEP’s achievements over the past year and what lies in store for 2016.
  • Missing, presumed unlucky, Lucan?Richard Frimston considers the effect on succession of jurisdictions’ different stances on presumption of death.
  • How uncharitable If you wish to set up a charity in England and Wales, you must do so through the Charity Commission. Sounds simple? Not so, says Michael Young, whose recent experiences in trying to form new charities have been far from happy.
  • Keep it leanPrivate client practitioners always have too much on their plate. Could they remove some tasks from their day? Cheryl Farnham considers the rewards of outsourcing.
  • Man on a missionFor Stephen Lawson, a STEP Council member for England and Wales, the law was a calling. Here he discusses the challenges facing his profession in light of an ageing population, and the pivotal role STEP will play.
  • Aussie rulesA recent case issuing out of the Australian state of Victoria addresses the impact jurisdictional differences have in relation to grants of representation where people seek to make claims for provision. The deceased lived and died in Victoria, but the valuable asset of his estate was located in England, where the grant of probate issued. Katerina Peiros and Christine Smyth analyse the jurisdictional conflicts associated with grants of representation and further provision claims.
  • Know your testatorAsian clients’ increased appetite for BVI companies has resulted in a growing interest in BVI estate planning. Richard Grasby outlines the risks when the client is not involved in the will-writing process.
  • Ground rulesPhillippa Wilkie and Stephanie Irons explain the new rules for trusts and land transactions in New Zealand.
  • Family office fortunesPatricia Woo predicts family-office trends in Hong Kong and China in 2016.
  • Fledgling philanthropists Valerie Remoquillo-Jenni offers insights from her work preparing next-generation givers for the responsibilities of wealth.
  • Guerrillas in our midst Practitioners involved in philanthropy must be aware of the issues surrounding terrorist financing, says Suzanne M Reisman.
  • Who’s in charge round here?From April 2016, most UK companies will need to keep a publicly available register of individuals with significant influence or control over the company. Josh Lewison explains what steps trustees must take to be in compliance, and how to respond to notices.
  • Bringing it all back homeAmanda Edwards discusses the differences between the taxation of UK domiciled and resident individuals’ foreign income and their UK income.
  • Offshore crime and punishmentGary Envis considers the UK government’s proposed new statutory offences relating to evasion of tax on offshore income and gains.
  • A whole new ball gameThe Retail Distribution Review radically altered the playing field for financial advice in the UK. Patrick Connolly reviews the effects of the reforms and highlights some future challenges for the industry.
  • A rough guide to the EU Succession RegulationSabine Herzog, Jacopo Crivellaro and Basil Kirby assess the most important issues and questions raised by the EU Succession Regulation from the perspective of a non-member state, such as Switzerland.
  • Over the rainbowJulian Washington offers an overview of the global evolution of same-sex partnership rights.
  • The trustee’s artAn increasing proportion of trust assets are held in the form of art. Richard Bagnall-Smith and Luke Dugdale offer some practical steps that trustees can take to navigate the challenges these assets pose.
  • Trust Quarterly Review: the highlights The latest issue of the Trust Quarterly Review (volume 13, issue 4, 2015) offers, in the words of the Editors, ‘an embarrassment of riches’, forming ‘a useful toolkit with which to tackle what feels like the ever-swelling tide of bad news faced by our international clients’. Here we present a glimpse of the issue’s contents.
  • Residence and Domicile for Individuals: A Practical Guide This book is described as the ‘second edition’, but it is the first with this title. The first edition, published in 2013, was The New Statutory Residence Test for Individuals: A Practical Guide, one of a number of commentaries navigating practitioners through the tortuous provisions of the then newly enacted sections 218 and 219 and Schedules 45 and 46 of the UK Finance Act 2013.