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STEP Journal: July 2019 – Full Issue

  • Foreword - July 2019
  • Get involved with STEPZoe Willenbrock introduces STEP governance and explains how members can get involved with volunteering
  • Foundations in the age of 5AMLDPaolo Panico highlights uncertainty over the treatment of private foundations under the EU’s Fifth Anti-Money Laundering Directive
  • Respecting privacy, exposing secrecyAdvisors in the US have a vital contribution to make in the ongoing battle over transparency, writes Todd D Mayo
  • Consistent values in a world of changeSally Edwards reflects on the adaptability of offshore jurisdictions
  • Is your business cyber-aware?Jo Summers explains how partners can ensure their firms remain safe in today’s digital minefield
  • CSR is a business philosophyOliver Tang outlines the importance of corporate social responsibility in Asia
  • Guardianship of minors in ScotlandLaura McDowall and Louise Patterson outline the rules surrounding guardianship of minors in Scotland
  • A sting in the tailJenny Wilson-Smith highlights some practical implications of the two-year IHT tail on repayments of ‘relevant loans’
  • HNWIs on the moveIssues of residence, new tax legislation and the consequent reporting requirements for both individuals and companies are dominating Asia Pacific wealth-management conversations, finds Helen Swire
  • Licence to serveOne year on from the introduction of the Hong Kong TCSP licensing regime, Joanna Caen, Richard Norridge and William Cheung review its progress
  • A vary attractive vehicleValerie Wu outlines the key features of Singapore’s new Variable Capital Company vehicle
  • Wong, Choy and the capacity checklistLisa Ma looks at the issue of testamentary capacity and will-drafting best practice in Hong Kong
  • Interests over wishesIan Devereux examines the continuing trend of Hong Kong courts exercising discretion when removing executors
  • VAT’s up with MTD?Charlotte Black details the UK government’s Making Tax Digital initiative and its implications for financial practitioners
  • Content and consentReshma Shah and Amrita Narine discuss the rules for accessing a decedent’s digital assets in light of recent US court cases
  • Art and tech: an uneasy relationshipAbby Brindley asks whether the love affair between technology and the art world will last
  • Where there’s an e-will, there’s a way… maybeJames Laycock and Danni Brannon compare the treatment of digital assets and electronic wills in England and Wales and elsewhere
  • Crypto clampdownMeir Linzen, Guy Katz and Omer Yaniv explain Israel’s regime for the taxation of virtual currencies
  • Bolster your digital armouryShelley Rhoads Perry and Sharon Hartung explore the new (and old) digital asset estate administration tools
  • Towards clarityDaniel Velthuis and Joseph House assess the tests used to determine Australian tax residency with regard to Re Harding and Re Handsley
  • Loss of trusteeJulie Van der Velde looks at the effect on an Australian trust structure when a sole trustee loses capacity
  • Count your blessingsGeoffrey Cone, Claudia Shan and James Gribbin review the recent New Zealand judgment in Re PV Trust Services Ltd on obtaining the court’s blessing without sacrificing discretion
  • Land under caveatVicki Ammundsen, Angela Cornford-Scott, John Brown and Richard Dew ask whether a trust beneficiary can caveat trust land, with reference to New Zealand, Australia and England and Wales
  • A sensible balanceKeith Robinson and Ashley Fife outline Bermuda’s beneficial ownership regime
  • Fourth culture risingDr James Grubman and Dr Dennis Jaffe discuss the new cross-cultural characteristics of modern global families
  • No contestDawn Joughin reflects on a recent survey reporting that 24 per cent of UK residents would contest the will of a loved one
  • Credit where it’s dueFrederic Mege details the new French real estate wealth tax and the related tax credit available to non-French tax residents
  • When a ‘love affair’ is not enoughA recent England and Wales High Court case highlights the need to establish connection, particularly where forum shopping is alleged, says Stacey Nevin
  • Meeting the needs of clients with dementiaMary Rimmer outlines ways in which STEP members can make their work and business more dementia-friendly
  • When counsel need counsellingLinda Lamb emphasises the importance of employers providing sufficient support to family lawyers
  • TQR: the latest trusts and estates developmentsBelow is a sampler of the latest Trust Quarterly Review (volume 17, issue 2, 2019), published by STEP in association with TACT. Download the PDF and access the archive at www.step.org/tqr
  • Book Review: Managing Risk: A Guide for Accountants and Tax Advisers, first edition

STEP Journal: June 2019 - Full Issue

  • Foreword - June 2019The special focus of this edition of the STEP Journal is careers, which offers us a chance to look back at our own lives and work in the industry
  • The next stepMark Walley reflects on his first three months as CEO of STEP
  • The ten-year viewMark Fleming offers a review of the key offshore structuring trends in the last decade
  • Age is only a numberMargaret O’Sullivan explains why parents are choosing to wait longer to give children their inheritance
  • Look to windwardMichael Giraud and Simon Hart address the practical implications of Jersey’s new economic substance requirements for trust company businesses
  • How QOZs could drive economic resurgenceGina M Pereira looks at philanthropy’s role in driving the success of opportunity zone investment in the US
  • A matter of timingRebecca Roscoe considers the inheritance tax treatment of contingent interest trusts and the effect of s.31 of the Trustee Act 1925
  • United statesIn 2019, EU Member States are coming together more closely on legislation than ever, finds Helen Swire
  • Discriminatory or not? That is the questionHeather L Thompson and Johannes Gasser discuss the effect of the EU's registers of beneficial ownership
  • Prepare for lift-offXavier Isaac explains what the introduction of trust into the Swiss legal system will mean for the country’s industry
  • Cross-border complicationsÁlvaro Aznar Azcárate and Nicole Gallop Mildon explain how the European Succession Regulation affects Spain/UK cross-border estates
  • The power of threeNicola Saccardo and Gabriele Colombaioni compare the recent Italian tax regimes launched by the government
  • Towards recognitionNuno Cunha Barnabé, Marta Costa and Maria Inês Assis outline Portugal’s tax treatment of foreign trusts
  • 300 years youngOn the 300th anniversary of Liechtenstein’s formation, Alex Baker and Alicia Dimitrova give their take on asset protection in the principality
  • What regulation means for Swiss advisorsMartin Liebi lays out the requirements of new Swiss legislation regulating financial services for practitioners with professional links to Switzerland
  • Excellence AwardsWe are pleased to announce the highest-scoring students from the 1 July–31 December 2018 sittings of all STEP exams and essay routes, and the winners of STEP Canada’s 2018 student awards
  • The STEP PPgDJulian Davies and Nigel Race outline the STEP Professional Postgraduate Diploma in Private Wealth Advising qualification, produced by STEP’s education partner CLT International
  • Building a progressive workplace cultureJenni Hutchinson explains how STEP’s Employer Partners put systems in place to provide their staff with valuable career-development opportunities
  • Cyprus responds to CBI criticismTasos Coucounis sheds light on the recent changes to the Cyprus Investment Programme.
  • Structural integrityEmma Lejeune outlines key wealth management structures provided for in Gibraltarian legislation
  • Trust in Maltese trustsIvan Grech provides a rundown of the Maltese trust industry, 15 years after the introduction of the Trusts and Trustees Act of 2004
  • Dynamism with dynastiesIn an ever-changing and demanding environment, family office advisors play an important role in supporting their clients’ global enterprises. A recent STEP Journal roundtable, sponsored by Highvern, explored how advisors can provide first-rate guidance from inception to succession
  • Will the prenup survive the marriage?Melissa Lesson discusses the treatment of foreign pre-nuptial agreements in English and Welsh divorce cases
  • Coming home (part 2)In the second of a two-part series, Robert D Colvin offers a US perspective on implementing the domestication of a foreign trust structure
  • Clarity for charitiesDavid Dorgan offers a breakdown of the regulatory requirements of charities in Jersey
  • Forex ample?Mar Bonnin-Palmer highlights the impact of exchange-rate movements on the value of international estates
  • Gone, but not forgottenUK tax liability can follow individuals long after they lose UK tax-resident status, writes Hilesh Chavda
  • Book Review: The Supervisory Jurisdiction Over Trust Administration