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STEP Journal: April 2014

  • Foreword Volume 22, issue 3This, the third issue of the STEP Journal in 2014, has a Crown Dependencies focus and also contains features on family businesses, as well as columns from our regular contributors, Martyn Gowar, John Harper, Richard Frimston and Val Cox.
  • Taking control of investment servicesMartyn Gowar considers how trustees should act in circumstances where they are answerable to beneficiaries for decisions made by investment advisors.
  • The child is father of the manRichard Frimston considers how habitual residence will be determined where elderly adults lack capacity.
  • Trusts and trust-like structuresWhen is a trust not a trust? And when is a company not a company? Patrick Delas explains.
  • Ahead of the gamePractitioners in the Isle of Man face new laws and regulations - the UK’s statutory residence test came into force, the Isle of Man Disclosure Facility opened, and new reporting obligations under the intergovernmental agreements signed with the US and the UK are on the way.
  • In case of needJohn Harper looks at the provisions of sections 31 and 32 of the Trustee Act 1925.
  • Bursting out of the boxStay too long in your comfort zone and you might find yourself stuck in a ‘comfort box’ that stops you learning new skills. Val Cox offers an escape route.
  • Offshore foundation navigationThe Crown Dependencies of Guernsey, the Isle of Man and Jersey have enacted foundations legislation in recent years. Here, an industry expert from each of the Dependencies reviews their island’s foundation regime.
  • Stepping up to FATCALaila Arstall charts Guernsey’s path to automatic exchange of information.
  • Know your limitationsElaine Gray stresses the importance for trustees of adopting limited recourse language, in light of the Royal Court of Guernsey’s decision in Investec Trust (Guernsey) Ltd and others v Glenalla Properties Ltd and others.
  • A victory for privacyKevin O’Loughlin reviews a case demonstrating the Isle of Man’s treatment of privacy in trustee applications.
  • The appeal of the FLPKevin O’Connell on the rise of the family limited partnership in the Crown Dependencies.
  • Liechtenstein’s foundation migrationOver the last year or so, several Liechtenstein Stiftungs have migrated to Jersey. Steve Meiklejohn explains that this is largely down to Liechtenstein’s new tax legislation.
  • Aviation registry aims for the skiesIn December 2013, Guernsey introduced the 2-REG, the Channel Islands Aircraft Registry. Here Fiona Le Poidevin explores what it offers international clients
  • Family business: a portraitThe second STEP Journal roundtable, sponsored by Northern Trust, saw family business advisors gather together for an animated discussion about philanthropic trends, how best to achieve an orderly succession, and wealth-structuring strategies.
  • When family farming partnerships go wrongDebbie King explains why family business advisors need to take a more active role.
  • The founding father of family business adviceHannah Downie speaks to Peter Leach, founder and Chairman of Peter Leach & Partners and winner of STEP’s Family Business Advisor of the Year award 2013–2014.
  • A safe pair of handsKen McCracken of Withers Consulting Group, and lead author on the STEP Advanced Certificate in Family Business Advising, considers how families themselves see the role of the advisor, and the importance for advisors of becoming ‘professionally ambidextrous’.
  • Better together?Ian Slack and Richard Joynt speak to Hannah Downie about the changing dynamics of the single family office and multi-family office market.
  • Weathering the storm - when crisis strikes a family business...When crisis strikes a family business, advisors need a clear plan, with an emphasis on honesty, to minimise reputational damage, write Alex Finnegan and Richard Meredith.
  • Planning for posterity’s prosperityRichard Bertin on why planning is key to preserving the legacy of a family business.
  • Successful succession planningPenny Lovell explores the longevity of family businesses in Scotland and highlights the issues that need to be addressed during family business succession planning.
  • Hungary for businessDr Ákos Menyhei and Dr Krisztina Gyepes present a practitioners’ guide to Hungary.
  • A clean slateNatasha Miklaucic and Stephanie Wong outline the Canada Revenue Agency’s Voluntary Disclosure Program.
  • Tipping the balanceHow many extra services must a property-letting business provide to be deemed ‘mainly’ a trading business, and therefore qualify for inheritance tax business property relief? Julie Butler weighs up a recent case.
  • The FATCA effectFiona Fernie explains the latest developments in international tax reporting agreements.
  • Statutory Will Applications: A Practical GuideTina Cockburn reviews Statutory Will Applications: A Practical Guide, which provides a timely and valuable contribution to Australian succession-law scholarship and will also be of great interest to comparative law scholars.

STEP Journal: March 2014