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STEP Journal: November 2014

  • Editorial - Stanley A Barg introduces November 2014 STEP JournalThis year’s STEP Private Client Awards took place on 17 September at the London Hilton on Park Lane Hotel. Over 700 guests attended the event, which celebrates outstanding performers in the private client world.
  • Hungary implements OECD multilateral tax treatyThe Hungarian Parliament has recently implemented the OECD Convention on Mutual Administrative Assistance in Tax Matters, reports Dr Ákos Menyhei
  • Master the basics Martyn Gowar remembers an influential colleague who taught him a key lesson.
  • Harmonisation headaches Richard Frimston examines the complicated interplay between the Succession Regulation and Hague 11.
  • Non-resident evil Carlos Gabarró reviews a recent ECJ decision that found Spain’s inheritance tax regime discriminated against non-residents.
  • Swiss watch Philippe Pulfer, a member of STEP Council and STEP’s Geneva committee, talks to Hannah Downie about Switzerland’s transition from bank secrecy to open reporting, its cantonal structure and his vision for STEP.
  • Legal rights lowdownDebbie King explains the Scottish concept of legal rights.
  • Are boiled-meat dumplings bad for your health?John Harper delves into the well-known case of Schmidt v Rosewood.
  • Carrot or stick?Take the right approach to motivating staff and reap the rewards, says Val Cox The majority of people are self-motivated to do well. That basic instinct is described as ‘intrinsic motivation’.
  • Family offices from East to WestRichard Joynt, director of a family office based in Jersey, and Patricia Woo, a fund and trust lawyer in Hong Kong, speak to Hannah Downie about how family offices differ in Europe and Asia.
  • A captivating propositionAlvaro Dominguez and Andrew Edgington explain how establishing a ‘captive’ trust company in the Cayman Islands can benefit family offices.
  • Multiple choiceJan van Bueren and Thomas Ming discuss the increasing diversity of multi-family office providers.
  • Sole trader successionAmanda Simmonds ponders the problems of unincorporated family businesses in England and Wales.
  • Building plansPeter Glowacki, Corina Weigl and Richard Niedermayer present a round-up of real property planning strategies for Canadian practitioners.
  • Grave developmentsK Thomas Grozinger reviews recent non-tax Canadian trust and estate legislation and case law.
  • Armour for your assetsGideon Rothschild looks at US estate planning through an asset-protection lens.
  • Tax regularisation: the new rulesGlenn G Fox on the US 2014 Offshore Voluntary Disclosure Program and the streamlined filing procedures.
  • London callingIain Johns considers if trust structures and offshore companies are still a valid means for holding UK property.
  • When in Rome...Georgia Catarame, Giulia Cipollini, Jim Carolan, William Kambas and Olga Boltenko offer pointers for US, UK and Russian buyers of Italian property.
  • A house divided Christopher Butler and Harriet Errington examine the English and Welsh courts’ treatment of the matrimonial home on divorce
  • Landed estates: past and presentMike Townsend explains how the centuries-old business model of landed estates has changed in recent years.
  • The perils of UK property London remains the city of choice for many who are internationally mobile, but owning property in the UK creates a raft of tax issues, says Mark Wingate.
  • Jersey: riding the tides of changeFor the second STEP Journal roundtable hosted by Jersey Finance, a panel of private client experts reconvened to discuss the latest international trends in wealth management. Here, they offer their views on such topics as the recent increase in demand for wealth-management services, how Jersey’s legislative framework stands up to that of other international financial centres and the impact of the global drive for transparency on practitioners and their clients.
  • A night full of starsThe best and brightest advisors were celebrated by over 700 of their peers at the Private Client Awards 2014/15.
  • Book review: Mediation Law and Civil PracticeWhile mediation remains a developing concept, we already know the central benefits for its participants, including: empowerment in terms of issues, the length of the process, the outcome, and the cost of that outcome. Devotees of mediation will, therefore, welcome Mediation Law and Civil Practice as, inter alia, a discursive canter through all the significant judgments, resulting in a valuable addition to the literature available on this subject.

TQR: November 2014