Policy consultations

Policy consultations

As part of our thought leadership, STEP responds to a number of consultations in different jurisdictions to help influence policy globally. STEP has recently submitted a response to the UK government’s Mental Capacity Act 2005 small payments scheme consultation, which seeks views on a proposed scheme to support child trust fund (CTF) beneficiaries who come of age but lack the capacity to deal with the proceeds of their CTF.

The government proposes a new streamlined process that would allow family members and guardians to make withdrawals and payments of up to GBP2,500 from CTFs for up to six months without needing the England and Wales Court of Protection’s permission.

In its response, STEP acknowledges that the current system is slow, expensive and does not work well for small individual amounts. However, there are significant concerns about the new scheme being supervised and administered by financial services organisations that are not specialists in dealing with mental capacity or the funds of vulnerable people.

A response has also been submitted to the government’s consultation on the introduction of a corporate re-domiciliation regime to support companies seeking to relocate to the UK. In its response, STEP identified the need for further consideration on how the regime should best ensure departing country conditions are met, as well as presenting its views on the impact of the proposals on personal taxation and whether a company will become, or cease to be, UK-resident following a re-domiciliation to or from the UK.

If members are aware of any policy consultation in their jurisdiction that they would like to bring to the awareness of the global STEP membership, please forward them to the Policy Team at  [email protected]

All consultations STEP has responded to can be found at www.step.org/public-policy/consultation-tracker