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STEP Journal: July 2015

  • Foreword July 2015Welcome to July’s STEP Journal. This issue contains one focus on Asia Pacific and another on contentious trusts and estates.
  • Moving the goalpostsMichael Young considers the ethical issues raised by governments tinkering with taxation.
  • Glorious 17th AugustWhere there is a will, there is a choice. How valid is that?
  • Valuables adviceAmanda Edwards considers under-insurance risks for professional trustees and personal representatives.
  • The ß factorJohn Harper delves into the capital asset pricing model and beta.
  • Asian importsDr Nico Francken summarises the characteristics of the Indonesian foundation, based on Dutch civil law, and the Labuan foundation, based on common law.
  • Just desertsHannah Henley on the courts’ interpretation of ‘proper’ and ‘adequate’, in light of two landmark Australian family provision cases.
  • Settle upHao Wang outlines the tax liabilities that arise when real estate is placed in a Chinese private trust.
  • A decisive momentLee Chiwi reviews Re BKR, a recent ruling of the Singapore Court of Appeal dealing with mental capacity and undue influence.
  • Clause and effectEdward Cumming considers the landmark decision in Crociani v Crociani on jurisdiction clauses in trusts
  • Five little wordsToby Graham contemplates the amended text of the special jurisdiction for trust disputes in article 7(6) of the Recast Brussels I Regulation.
  • Greasing the gatewaysSimon Taube considers changes to service of trust claims out of England and Wales.
  • Quistclose callPeter Steen forecasts winds of change in the world of Quistclose trusts.
  • The Europe projectDr Daniel Lehmann, Chair of the newly established STEP Europe Regional Committee, discusses his plans for closer integration between STEP members in the region and highlights some of the challenges faced by European practitioners.
  • Held to account - EU regulation, European Account Preservation Order, cross-border debt recoveryMartina Moscardi outlines an EU regulation that establishes a European Account Preservation Order procedure to facilitate cross-border debt recovery in civil and commercial matters.
  • Spanish revolutionIn the second part of their article on changes to the Spanish personal tax regime, Laurence Morgan and Sonia Velasco summarise the changes to Spanish inheritance and gift tax.
  • Apples and oranges?Susanne Thonemann-Micker and Jan-Lukas Lüken consider if a deed of variation executed under English and Welsh law is a comparable legal instrument under German inheritance and gift tax law.
  • Silver liningsHon Mr Justice David Hayton considers the future of the trust in the age of transparency, and finds some cause for cheer.
  • Forward thinking - future trends in international taxationMalcolm Couch anticipates future trends in international taxation.
  • Data insecuritiesThe OECD has committed to uphold confidentiality of taxpayer information under the Common Reporting Standard, but how can this be assured in jurisdictions that fail to protect their citizens’ rights? George Hodgson highlights practitioners’ concern about data security.
  • End of an eraMark Savage and Martin Callaghan discuss the status of UK non-doms under the intergovernmental agreements between the UK and the Crown Dependencies and Overseas Territories.
  • Reap what you sowJulie Butler outlines how improving and repairing the farm can deliver tax advantages.
  • Deeds well done
  • Book review: Money Laundering Compliance (Third edition)

STEP Journal: June 2015

  • Foreword June 2015
  • Neither fish nor fowl?
  • In search of privacy
  • Where east meets westWilliam Ahern, STEP Council member for Hong Kong, speaks to Hannah Downie about the branch’s strong public policy record and the jurisdiction’s bright prospects.
  • Make yourself at homeAmanda Edwards considers the applicable inheritance tax exemption for those deemed UK domiciled.
  • When is a trust a Quistclose trust?John Harper considers the outcome of Barclays v Quistclose.
  • Tax your brainVal Cox summarises a Harvard Business Review case study that challenges managers to consider how they would respond to a sudden increase in tax on their operations.
  • Double indemnitySibilla Cretti describes the Swiss approach to international succession and double taxation.
  • Art through the agesSandrine Giroud explains how to pass an art collection to the next generation, without it becoming fragmented.
  • Ready, set, disclose!Sean Wakeman urges trustees to take the opportunity to disclose older settlements under the Liechtenstein Disclosure Facility.
  • Damned if you do…Marnin J Michaels and Jacopo Crivellaro ask if the way tax authorities have used data collected under self-disclosure programmes has harmed banks.
  • Lay down the lawSangna Chauhan discusses choices of applicable law under the EU Succession Regulation.
  • Can I get a witness?
  • Spanish stepsLaurence Morgan and Sonia Velasco look at changes to the Spanish personal tax regime.
  • Beware the CATSandra Meade and Marc Westlake provide an overview of some problems that can occur in an estate where UK inheritance tax and Irish capital acquisitions tax arise.
  • Power toolSimon Gorbutt on the advantages of life assurance in inheritance tax planning for UK domiciled or deemed domiciled clients.
  • An open questionWhen does preventing secrecy become losing privacy? asks Claire Blakemore.
  • Lump it and like itAlistair Cunningham discusses recent positive changes to pension lump sum death benefits in the UK.
  • German enlightenmentDr Daniel Lehmann and Ines Paucksch explain some fundamental traps and tools of German tax and civil law, of which foreign advisors should be aware.
  • Challenging timesFrancis von Seilern-Aspang on the need for privacy in the context of wealth preservation.
  • There's gold offshoreMark Bridges considers the future of offshore tax planning.
  • Perfect partners?Kevin O’Connell outlines common misconceptions related to private equity investment in fiduciary businesses.
  • Tribal warChristopher Jones, Jody Atkinson and Alex Troup consider family-asset protection in a litigation context.
  • Giving on the mindDr Irina Francken-Medvedeva discusses philanthropy in India, and urges greater support for mental disability charities.
  • Book review: International Income Tax and Estate Planning (revised second edition)