European Succession Regulation (Regulation (EU) No.650/2012)

The European Succession Regulation (Regulation) came into force on 17 August 2015 for the estates of persons who die on or after that date.

Agreed in 2012, the Regulation states that the jurisdiction and succession law applying to an individual's entire estate is determined by their last place of habitual residence, although it also gives expatriates an overriding right to elect for their estate to be governed by the law of their own country.

It is principally intended to resolve succession disputes caused by the large volume of migration between EU member states.

The Regulation was enforced with direct effect in the EU member states, with the exception of Denmark, the United Kingdom and Ireland.

Unfortunately, there has been some ambiguity in practice as to the application of the new Regulation and STEP has been following and informing discussions in European Parliament as they progress.

Anti-Money Laundering

STEP supports the principle of effective measures to prevent money laundering.

Automatic Exchange of Information (AEOI)

STEP recognises that a fair tax system must include effective measures to combat evasion and criminal or terrorist financing.

Base Erosion and Profit Shifting (BEPS)

Base Erosion and Profit Shifting (BEPS) is a global problem which refers to corporations who use tax avoidance strategies to exploit gaps in tax rules.