Banner of step journal issue 5 2022

STEP Journal: Issue 5, 2022

17 October 2022

Welcome to Issue 5 of the STEP Journal. We explore developments in the Asia Pacific region, from common intention construction trusts in Hong Kong and the transmission of securities in India to the court’s application of New Zealand’s new trust legislation. This issue’s focus on compliance and regulation covers the UK’s Trust Registration Service in great detail, while also exploring regulatory updates from across the globe.

The ‘new normal’

Welcome to the new issue of the Journal. On 28 August 2022, Singapore lifted the last border measures put in place because of the COVID-19 pandemic. Singapore was not the first, nor will it be the last, but the removal of these final border measures allowed many to heave a deep sigh of relief that perhaps we are closer to normality. But, are we?

17 October 2022

STEP News

Awards update | Policy consultations | Save the dates

17 October 2022

Sanctions: how is your practice affected?

The Russian invasion of Ukraine has prompted global sanctions affecting many Russian-connected companies and individuals. Helen Swire examines the ramifications for practitioners.

17 October 2022

Economic crime and entity registers

Emily Deane on STEP’s work with the UK government

17 October 2022

Getting to grips with crypto-assets

Dave Madan on estate planning in a blockchain world

17 October 2022

Book review: Implied Trusts and Beneficial Ownership in Modern UK Tax Law

17 October 2022

Show me the evidence

Gary Seib and Clement Chui discuss key learnings from two recent cases with respect to claims made pursuant to a common intention constructive trust in Hong Kong

17 October 2022

Testing the waters

Polina Kozlova on New Zealand’s new trust law and the courts’ ability to approve variations that may be detrimental to beneficiaries

17 October 2022

Course correction

Adeline Wong and Istee Cheah provide an overview of Labuan’s adoption of international taxation standards

17 October 2022

A legal quandary

Ashvini Chopra and Mahima Thakur detail the difference between the ‘transfer’ and ‘transmission’ of assets in India

17 October 2022

Family disharmony

Wenhao Han provides an offshore assessment of options for aggrieved beneficiaries in Asian family trusts, using the Cayman Islands and BVI as an example

17 October 2022

Shared fruits or just sour grapes?

Henry Brandts-Giesen provides a guide to relationship property law in New Zealand and proposed changes to the law that may be on the horizon

17 October 2022

The right person for the job

Katharina Byrne assesses best practice for recruiting new trustees

17 October 2022

The new blame game

Rosie Schumm asks if costs will be the new way to establish blame for divorce in England and Wales, following the introduction of no-fault divorce

17 October 2022

Shape shifter

John D Bunker breaks down the latest UK Trust Registration Service Manual guidance

17 October 2022

Widening scope

Lara Crompton asks if a US revocable trust needs to be registered on the UK Trust Registration Service

17 October 2022

The extended reach of the CRS

Ashley Fife and Georgia Fotiou examine proposed changes to the Common Reporting Standard and the likely impact on trusts

17 October 2022

Will VASPs get stung?

Melissa Virahsawmy-Naik and Zahrah Juman assess the legislative landscape in Mauritius for cryptocurrencies and virtual assets

17 October 2022

Past their shell-by date

Hugo Rönneskog reviews the European Commission’s proposal for a directive to prevent the misuse of shell companies for tax purposes

17 October 2022

Rules to give by

Daniel Frajman looks at current changes to rules and principles in Canadian charity law, including for international giving

17 October 2022

A fuller picture

Sebastian McVicker-Orringe and Iain Mottram outline HMRC’s current programme of work regarding complex and opaque offshore structures

17 October 2022

Mistake and disclosure

Dawn Register and Helen Adams detail common mistakes in UK tax disclosures and how to remedy them with HMRC

17 October 2022

Register rules revealed

Raul-Angelo Papotti, Giovanni Cristofaro and Margherita Pittori discuss the Ministerial Decree on the Italian beneficial owner register

17 October 2022

Special FX

Monica Bity and José Victor Castelo Branco Neves da Silva explain changes to Brazil’s foreign exchange legal framework

17 October 2022

No room for error

Emma Menzies and Josie Cuff on how trust companies may adapt to the evolving reporting environment

17 October 2022

The spirit of the wishes

Penelope Warr and Richard Joynt discuss how the principle of equality applies to complex modern families

17 October 2022

Child-friendly justice

Janys M Scott considers why the EU must address legal parentage to secure child-friendly justice

17 October 2022

Member Q&A - Brenda You

STEP’s newest branch was launched in China last year. Although still in its early stages, the branch has been working tirelessly to create roots in the jurisdiction. Here, we chat with one of the founding members of the STEP China Committee, Brenda You TEP, about how the branch has grown.

17 October 2022