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STEP Journal: July 2018 - Full Issue

  • Foreword - July 2018Before the monotheistic religions swept much of the globe, humans were apt to find themselves torn between their ties to different gods. The Trojan War, as told in The Iliad, was a proxy war between various deities on Mount Olympus.
  • The regeneration of EBTsSally Edwards and Wisdom Hon identify the advantages to companies when using employee benefit trusts, particularly in Asia
  • Unfulfilled opportunities, uncertain futuresJames Maloney explores the current position of UK/EU cross-border giving and considers the possible impact of Brexit
  • Domicile dilemmasJenny Wilson-Smith defines the new UK concept of formerly domiciled residents and explains the tax implications for those who meet the criteria
  • What were those trustees thinking?Clare Usher-Wilson explains the benefits of using an investment policy statement
  • Transparency’s high-water markHelen Swire examines the changing legislation with far-reaching consequences for countries in Europe and beyond
  • Making sense of MiFID IIMarkus Ducrey sets out a Swiss perspective on the Markets in Financial Instruments Directive II
  • Free movement prevailsSpanish inheritance tax may now be recovered by residents of third countries, explains Carlos Gabarró
  • Peak regulationFabianne de Vos Burchart reviews how the regulation of trustees in Switzerland will affect the cross-border provision by foreign trustees of services on Swiss soil
  • Points of interestAndrea Tavecchio and Riccardo Barone explain the new Italian carried interest tax regime
  • Same board, different gameJean-Marc Tirard examines an application of the EU Succession Regulation in the ongoing case of the recently deceased Johnny Hallyday
  • The emigration/immigration checklistNicola Saccardo provides a list of the key elements practitioners and clients need to consider when looking to change tax residence
  • The time is ripeJonathan E Gopman and Paul D’Alessandro, Jr explore expatriation opportunities for individuals in light of recently enacted US tax laws
  • Investor visa under threatNicolas Rollason examines the future of the UK’s Tier 1 (Investor) visa scheme
  • Play your card rightAnastasia Tonello illustrates the highly contextual area of maintaining green card status in the US
  • Sense of directionStephen Kavanagh outlines the key considerations when helping a client select a financial advisor
  • Pots of goldDerek Ryan provides an overview of the different types of pension schemes available in Ireland, and how the benefits are paid on death.
  • A step towards equalisation?Jaclyn Russell and Magnus Mackay survey the landscape of succession law and cohabitants’ rights in Scotland and discuss the potential for reform
  • Guess againTim Farmer argues that the concept of ‘dependent capacity’ in its current form is flawed and should be avoided by practitioners
  • IHT in sharp reliefAnne Slater-Brooks explains how replacement business relief can reduce inheritance tax on the proceeds of the sale of a business
  • Executors take noticeThe Gazette’s role in the statutory advertising of deceased estates notices relies on the awareness of how this mitigates risk. But are lay PRs sufficiently informed? By Janine Eves and Holly Bennett
  • The best of both worlds?Eesha Arora and Sophie Wettern consider the changing landscape and motivations behind reserved powers in trust deeds
  • Thou shalt not kill and inheritDarryl Browne explains the expansion of the forfeiture rule to indirect inheritance, and cautions that uncertainties about the metes and bounds of the rule remain
  • Put your house in orderSimon Tilsiter explains how to secure better returns from commercial property investments
  • Chinese puzzleJinghua Liu looks at how practitioners should respond to recent Chinese developments on spousal debt and permanent household registration
  • Rebalancing actRob Gardner outlines the impact of Investec v Glenalla for trustees of Jersey-law trusts.
  • Time for a shake-upPhilip Marcovici illustrates how reintroducing estate and donation duties in Hong Kong could prove constructive and reduce inequality
  • Book Review: The Private Wealth & Private Client Review, sixth edition

STEP Journal: June 2018 - Full Issue

  • Foreword - June 2018The Crown Dependencies are this issue’s regional focus.
  • Überschuss oder Verknappung?Richard Frimston discusses the ‘feast or famine’ effect of the EU Succession Regulation on matrimonial property regimes.
  • Why compliance represents more than a burdenMichael Giraud and Paul Douglas outline compliance requirements from a Jersey perspective, and examine the opportunities for professional trustees
  • MDR: the story so farSimon Hodges provides an overview of the debate surrounding the OECD’s incoming Mandatory Disclosure Rules
  • Not your father’s philanthropyGina M Pereira examines the ‘disruptive’ impact of millennials’ values and commitment to doing good
  • High achieversWe are pleased to announce the highest-scoring students from the 1 July 2017 to 31 December 2017 sittings across all STEP exams globally, and the winners of STEP Canada’s 2017 annual student awards.
  • Rising starLucy Heywood, crowned Young Practitioner of the Year at the STEP Private Client Awards 2017/18, speaks to Helen Swire about the rewards and challenges of working in family business planning
  • Court blessingsIan Swan and Nick Robison explore a new angle on how the court can protect both trustees and beneficiaries simultaneously
  • Will the last person to leave Britain please turn out the lights?James Quarmby has noticed an increase in HNWIs relocating to the Crown Dependencies. Here, he looks at what might be driving this
  • Fishing for clarityMathew Newman and Abby Lund consider the doctrine of Hastings-Bass in Guernsey law as set out in M v St Anne’s Trustees Ltd
  • The proper channelsAnton Seatter explains how international transparency initiatives are changing the face of Jersey’s private client industry
  • Between a rock and a hard placeKevin O’Loughlin examines the tricky position of Isle of Man trustees in light of developments in UK and EU law
  • Level playing fieldWayne Atkinson and Michael Adkins consider Guernsey’s approach to GDPR compliance
  • Insolvency yet to be solvedJared Dann reviews two recent cases shedding light on the issue of insolvent trusts in Jersey and Guernsey
  • Bahrain steps forwardSPONSORED CONTENT: On 21 March 2018, EDB Bahrain held a panel discussion, hosted by Norton Rose Fulbright, on Bahrain’s revised and improved trust legislation. STEP covered the event for this industry insight feature
  • Trust in digitalJulie Hutchison asks: could a digital trustee be the catalyst for change needed in a charity near you?
  • A test for our timeSophia Roper considers the Law Commission’s consultation on reforming the law around supported will-making
  • The ‘blank year’Adea Meidani and Maxime Linel explain how France is implementing ‘l’année blanche’ during its transition to a pay as you earn tax system from 2019
  • Instrumental changeKira Egorova and Ekaterina Vasina introduce Russia’s new succession instrument – the inheritance foundation – and examine its features compared with similar instruments
  • Service gameMartin Litwak examines the reasons behind the bankruptcy of so many professional sportspeople, and asks how they can better manage their wealth
  • Thorny issues of WPPEmma McCall and Jennifer Corbett discuss ‘without prejudice’ in the light of an important Guernsey decision
  • Steady as she goesDr Quintin Rayer advocates caution and transparency when discussing investments and market crises with clients
  • An APT solutionPaul Campion details the benefits of setting up an asset preservation trust for death-in-service and pension lump sums in the UK
  • TQR: the latest trusts and estates developmentsBelow is a sampler of the latest Trust Quarterly Review (volume 16, issue 1, 2018), published by STEP in association with TACT. Read more and access the archive at www.step.org/tqr, or download the PDF at bit.ly/2rUlUsv
  • Book Review: Agricultural, Business and Heritage Property Relief, seventh edition