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STEP Journal: Issue 3, 2021

07 June 2021

In Issue 3 of the STEP Journal 2021, we’re celebrating 30 years of STEP! Follow the journey of STEP via a timeline of key moments in history, and hear from our members as they reflect on the past and look to the future. This issue also features a special focus on insurance and investment, and a spotlight on the Crown Dependencies, delving into two separate cases dealing with the issue of ‘mistake’.

Adapt, prepare, repeat

During a recent questionnaire related to the 30th anniversary of STEP, I was asked what the biggest or most significant change was that I have seen in my time in the industry.

STEP news

Your must-read digest for developments at STEP

Best practice for handling complaints from a client

No one likes to receive a complaint; however, during our working lives it is almost inevitable that we will be on the receiving end of one.

Book review: Private Trust Companies: A Handbook for Advisers

Bernadette Carey reviews the Private Trust Companies: A Handbook for Advisers

STEP’s thought leadership campaigns

Simon Hodges explains how the Society seeks to engage policymakers

Grounds for equitable mistake

Martine Fleming analyses the landmark judgment in the Isle of Man case of Smith

Stormy seas

Ivor Bisson and Andrew Walters look at Guernsey’s corporate tax reporting regime and how the past year has impacted the practicalities of its requirements

The moment for Manx migration

Christopher Kinley and Leah Sizova outline business investment immigration options in the Isle of Man

Seven years on

Stephen Alexander and Andrew Bridgeford assess Jersey’s statutory relief for trusts established by mistake

Onwards and upwards

The British Virgin Islands has introduced five new statutes that significantly alter its trusts and estates landscape, writes Christopher McKenzie

Staveley in the Supreme Court

Bryony Cove and Hugh Cumber explain the new guidance on core UK Inheritance Tax Act 1984 provisions

Reflections on three decades of STEP

A letter from STEP’s Chief Executive, Mark Walley

The changes that defined a generation

As STEP turns 30, Helen Swire looks back at major changes in the world of trusts and estate planning over the past three decades

Pearls from the past

A timeline of milestones from STEP’s first 30 years

Insight panel

What changes have you seen in the past 30 years in relation to your area of expertise and, looking to the future, what changes do you expect there might be in the next 30 years?

Q&A - STEP’s 30th member

As STEP celebrates its 30th anniversary, we thought it appropriate to also celebrate the 30th STEP member, Richard Pease TEP. In 1992, Richard was one of 19 members who helped form STEP’s first international branch in Geneva, Switzerland. Since then, he has been heavily involved in the Society, becoming worldwide Chair of STEP in 2006.

STEP at 30

STEP’s evolution in numbers, plus our colleagues tell us what they value most

Tainted funds

Anita Clifford highlights the hidden areas where money laundering vulnerability flies under the radar in the UK

Benevolence wins out

Jennifer Emms and Rosalind Hetherington examine the future of the charity trustee in England and Wales, following the conclusion of the lengthy Kids Company litigation

Hungary for change

István Sándor assesses the introduction of asset management foundations in Hungary

Moving the goalposts

Duncan McGowan and Rosie Todd ask what the growing complexity of trust reporting obligations means for trusts, with an emphasis on the UK

A watchful eye

William J Kambas and Eva Farkas-DiNardo warn that US tax authorities are looking closely at non-US investors making US investments

Convertible vehicle

Julien Dif provides an overview of the limited qualified investor fund, a new alternative investment vehicle in Switzerland

Trustee investing for the future

Michael Giraud and April Hamel assess the growing appetite for portfolios to contain ethical investments

What’s in store for commercial property?

Mark Fouracre looks for the silver lining in the UK’s commercial real estate market

From provenance chain to blockchain

Harvey Cammell and Tom Christopherson consider the continuing importance of connoisseurship and traditional research in the authentication of art

A powerful option

Simon Gorbutt, George Rosenberg and Yehuda Landau present investment-linked insurance as an alternative for international clients resident in Israel

Disasterpiece

Willem-Joost de Gier looks at the problem of conflicts of interest in the art market and its effect on trustees

Switching structures

Nicolai Fischli and Martina Benedetter look at the implications of the switchover rules for certain dividends and capital gains under Liechtenstein corporate income tax law

No longer extraordinary

Javier Frías calls for a review of Spanish property investment structures