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STEP Journal December 2019 - January 2020

STEP Journal December 2019 - January 2020

Welcome to the December/January edition of the STEP Journal. As EU Member States gear up to implement tighter transparency measures, we explore some of the challenges and benefits in this issue including the creation of beneficial owner registers in Cyprus, the implementation of DAC6 and its impact on cross-border insurance-based tax planning, and the risks of improper beneficial ownership reporting in Poland. This issue has a regional focus on Europe, exploring the use of LPAs for mental capacity across borders and looking at key tax issues for collecting art in Italy and France. The Insurance and Compliance special focus details bank reporting for Russian clients and anaylses US income taxation of life insurance death benefits for estate planners. We also examine the recent England and Wales High Court case of Scarle, and explore the preservation of tattoos after death.

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Rosamond McDowell is a Partner and Head of Private Client at Payne Hicks Beach and is ordained as an Anglican priest, with permission to officiate in the Diocese of London.
Rosamond McDowell sets out and puts into context the incoming changes to the registration of marriages in England and Wales.
Issue Focus: Insurance and Compliance
Lawrence Brody is a Senior Counsel at Bryan Cave Leighton Paisner.

US taxation of death benefits

Lawrence Brody sets out what estate planners need to know about the US income taxation of life insurance death benefits.
Michael Giraud TEP is a Client Services Director, and Verena Roberts is Legal Counsel, at Accuro, Jersey.

Lifting the veil

Michael Giraud and Verena Roberts reflect on global transparency legislation developments over the past five years.

Professional Development
Sheena Grattan TEP is a practising Barrister and a founding member of STEP Northern Ireland.

Too many executors…

Sheena Grattan explains the differences between executor limits in Northern Ireland and England and Wales.