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STEP Journal: August - September 2014

  • From the EditorIn my 30 or so years working in the field, I cannot remember more challenging times for private clients and practitioners. The industry faces a tsunami of new regulation, tax legislation, and increased transparency and reporting requirements – all on a global scale.
  • Another attack on trustsIt is difficult to see the UK government’s proposed ‘settlement nil-rate band’ as anything other than the latest assault on trusts, writes Martyn Gowar.
  • Junckers and trust registersThe shape of the EU, after the May elections, is becoming clearer. While strictly not a federation, at many levels the EU behaves as if it were one...
  • Creditors trump trusts Professor Stefano Loconte reviews a recent Italian Supreme Court judgment which held that a trust used in liquidation proceedings will be declared invalid if it is used to circumvent creditor-protection legislation.
  • The view from IrelandParaic Madigan TEP has represented Ireland on STEP’s Council since 2012, an experience he has found hugely beneficial from a professional point of view.
  • Anyone for ping-pong?John Harper looks at the somewhat strange outcome in the case of Re Annesley and notes how succession proceedings might change radically in the future.
  • Trust drafting in Northern IrelandSheena Grattan highlights the main differences of which the Northern Ireland trust practitioner must be aware.
  • Continually improving CPD
  • Global STEP qualificationsThis map shows where courses that are delivered by face-to-face workshops, or which contain local content, are held. All courses are open to applicants worldwide.
  • Sweet refrain
  • Super-efficient CPD
  • A toast to excellenceGlasses were raised in June to celebrate the high-flying UK students who won this year’s STEP Excellence Awards.
  • Wishing makes it soPatricia C Byron explains how a personal tragedy underlined the importance of having a letter of wishes.
  • Star-spangled trustsWarren Whitaker on the use of trusts in the US. At a time when trusts are under attack and being taxed out of existence in other countries, they are alive and well in the US. Various types of trusts are created by Americans of moderate, as well as great, wealth, and a complex series of laws governs their use.
  • Make an impactOliver Bates asks if social impact investing allows capital to do more.
  • What’s yours is mineJolyon Connell and Jeremy Gordon review the case of FHR v Cedar, in which the UK Supreme Court held that bribes and secret commissions received by an agent are held on trust for its principal.
  • Exit, stage left
  • Caribbean catch-upRoland Jones delivers a round-up of news from the Caribbean
  • Change of directionOn 6 December 2013, the Cayman Islands Monetary Authority (CIMA) published a Statement of Guidance for Regulated Mutual Funds
  • Surveying the VISTAThe Virgin Islands Special Trusts Act, 2003 has been around for over ten years. Here Chris McKenzie answers some frequently asked questions about the legislation.
  • An ICON of fund innovationAliya Allen reviews the Bahamas investment condominium
  • Clear competitorsJohn J Ryan, Jr compares the transparency rules in Switzerland and the US, as well as the exchange-of-information mechanisms in place between these two financial centres and the leading Latin American jurisdictions
  • Fideicomiso: flexible friendIn recent years, Mexico has emerged as one of the preferred destinations for foreign investments.
  • CGT from Chile to ColombiaIn this article, the authors address developments in the capital gains tax regimes of several Latin American countries.
  • McKie on Statutory ResidencePractitioners in the UK will be all too aware that the debate over the change in the definition of ‘residence’ has been protracted and frustrating.

STEP Journal: July 2014

  • Foreword Volume 22, Issue 6Welcome to your latest STEP Journal, which this time puts Asia Pacific in the spotlight, and also includes a special focus on contentious trusts and estates. Before anyone gets the wrong idea, those two do not, of course, go hand in hand for any particular reason (other than the vagaries of annual STEP Journal content planning)!
  • Thinking timeLiberate yourself from the tyranny of your inbox and treat yourself to some quality thinking time, urges Martyn Gowar.
  • We are children of the worldRichard Frimston highlights an anomaly in EU measures concerning inheritances due to children.
  • The privatstiftung explainedMichael Petritz and Andreas Kampitsch review Austria’s trust alternative.
  • Hot propertyIan Huddleston, STEP’s Council member for Northern Ireland, talks to Sally Percy about the worlds of real estate and regulation
  • Incorporation by referenceAmanda Edwards on the steps for successfully incorporating documents in a will.
  • The battle of the titansJohn Harper recalls aspects of the Thyssen case, which was under way in March 2000, when he went to live and work in Bermuda.
  • Streets aheadHugo Struthers, Charlie Seligman and Mike Townsend are the first chartered surveyors to become STEP members. Hannah Downie asks them what benefits STEP membership can offer those in the property industry
  • Four steps to TEPAhead of the launch of the new STEP Qualifications and Membership Framework, Nigel Race explains what this initiative means, some of its features and how it will benefit STEP and its stakeholders.
  • Enduring complexityKate Hanslow provides an overview of the various tests for capacity to execute instruments appointing enduring guardians in Australia.
  • An IPO safety netLara Mardell on the benefits of using a trust in pre-IPO structuring.
  • Intention is everythingS Sharma examines the Singapore Court of Appeal’s approach to tax avoidance in a case of corporate restructuring with a financing arrangement.
  • The wisdom of eldersChristian Stewart discusses the role of family elders in preserving the wealth of Asian families.
  • Disclose or withhold?James Laycock offers a checklist of points for trustees to consider when faced with a beneficiary’s request for disclosure.
  • Will rectification after Marley v RawlingsAdam Carvalho calls for yet greater reform after a case extending the courts’ ability to rectify wills.
  • Purpose trusts: a perplexing rulingKeith Robinson questions the reasoning behind a recent decision on disclosure in the case of Bermuda purpose trusts.
  • Lifting the lidToby Graham review the Bermudan case of In Re A Trust, the first post-Schmidt authority on the courts’ willingness to override trust information control mechanisms and order disclosure.
  • A blow to bank secrecyChristian Girod examines a recent Swiss court decision allowing a foreign estate to obtain information about a Swiss bank account held in the name of an entity.
  • Clause for concernTrust lawyers should revisit their precedents in light of the Jersey Court of Appeal’s redefinition of ‘exclusive jurisdiction’ and ‘forum for administration’ in the landmark case of Crociani v Crociani, writes Jonathan Speck.
  • An estate-planning smörgåsbordAlice Palmer and Frederick Bjørn compare the inheritance tax, succession law and matrimonial regimes of Denmark, Sweden and Norway.
  • A brush with death taxesDhana Sabanathan and Shu-Ping Shen offer estate-planning advice to international couples from the US and the UK.
  • Selling art: the big pictureWilliam Hancock offers some practical tips on the sale of fine art in the UK.
  • IP: ignore at your perilJackie Maguire explains why family businesses should not overlook the importance of their intellectual property.
  • Tax tips for trusts turning tenRobert Jamieson reviews some inheritance tax aspects of discretionary trusts.
  • Ripe for further reformThe Jackson reforms took effect on 1 April 2013, significantly affecting the way litigation might be funded in England and Wales. Nicholas Holland and Lorraine Jeffery revisit the reforms one year on.
  • Probate Disputes and RemediesProbate Disputes and Remedies has not been written purely for practitioners – far from it. The legal practitioner is among its intended audience, but this book is also aimed at the overlooked or disillusioned beneficiary and the non-legally qualified personal representative.