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TQR: March 2015


STEP Journal: February 2015

  • Editorial - Thomas Dumont introduces February 2015 STEP Journal2015? Stop the world – I want to get off! No, of course, I don’t. Crocuses and snowdrops are burgeoning all over Britain (as we publish, not as I write). Here’s the first issue for the new year.
  • Who’s behind the registers?Richard Frimston ponders EU registers of trusts and beneficial owners.
  • Moving onIn his final column, Martyn Gowar looks back at his influences and predicts a bright future for the industry.
  • Show and tellStefano Loconte discusses Italy’s new voluntary disclosure procedure for overseas assets.
  • A call to actionNew worldwide Chair Edward Buckland TEP has assumed responsibility for STEP at a pivotal point in the industry’s history. Here, he discusses strategy: how STEP will deal with today’s challenges and how it will strengthen its position as the pre-eminent professional association for practitioners advising families across generations
  • Tax relief gone wrongAmanda Edwards explains how a claim for loss on sale of land relief following a death can sometimes result in a larger tax bill.
  • Ignorance is never blissJohn Harper recalls a lesson he learned a long time ago, courtesy of Customs.
  • Political intelligence at workVal Cox ponders political intelligence, one of the many skills that members can learn more about via STEP’s CPD Centre.
  • En garde!Byron Cannon reviews a recent decision of the New South Wales Court of Appeal that highlights the importance of vigilance and awareness when taking instructions for the preparation of a will.
  • Beaten at charadesHelen Dervan reviews a recent New Zealand High Court decision that found a trust settled by the corporate trustee was a sham.
  • Forum feudPatrick Hamlin and Sharon Ser discuss a Hong Kong ruling on the appropriate forum for divorce proceedings between a German couple, and the status of their prenuptial and postnuptial agreements.
  • The year of the trust
  • A helping handDr Irina Francken-Medvedeva explains how the philanthropic environment in Asia Pacific stands to benefit from the greater involvement of professional advisors.
  • Gifts from beyond the graveMaria Elena Hoffstein and Brenda Lee-Kennedy contemplate a new era for post-mortem philanthropy in Canada.
  • Swiss-made foundationsThe Swiss tax-exempt charitable foundation is attractive, cost-efficient and easy to run, with limited formal requirements, provided none of its funds revert in any manner to the founder, donors or related persons.
  • What gives?Emma-Jane Weider and Morgan Kainth discuss the changing philanthropic environment.
  • A new trust law for Scotland?Ian Macdonald considers the Scottish Law Commission’s recommendations for reform of trust law.
  • Employee trust incentivesRobert Postlethwaite considers a new capital gains tax exemption for private company owners who sell to an employee ownership trust, and a connected income tax benefit for the company’s employees, brought in by the UK Finance Act 2014.
  • Stay and payThe statutory residence test came into force in the UK in April 2013. Fiona Fernie considers some practical examples.
  • A trap for the unwarySheena Grattan highlights an important difference between the family provision jurisdictions in Northern Ireland and England and Wales, which, if missed, could have very serious implications for practitioners.
  • Family provision in ScotlandMark Stewart provides an overview of the Scottish system of ‘legal rights’, which is not without its own pitfalls for unwary practitioners based elsewhere in the UK.
  • Let the light shine?‘Fiscal transparency’ is the current political mantra, but when is tax transparency oppressive? Paul Seal considers.
  • Time well spent: how enhanced spending strategy can help families to protect their portfoliosCharlotte Thorne explains how taking the time to devise an enhanced spending strategy can help families to protect their portfolios.
  • Happy business familiesMichael Giraud and Dale McNutt offer trustee strategies for ensuring long-term harmony between those involved in a family business.
  • Renvoi: a dying doctrineJenny Bird reflects on how relevant the 200-year-old regulation is today.
  • Still going strongFrédéric Rochat on Swiss wealth management in changing times.
  • Book review: The Arbitration Act 1996: A Commentary (5th edition)