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STEP Journal: June 2016

01 June 2016

Celebrating 25 years of STEP

STEP’s 25th anniversary is an important milestone, as the Society continues to grow globally, and its members and their clients encounter so much more technical complexity than they did a quarter of a century ago.

The little EU regulation that wasn’t there

The UK should not pretend the EU Succession regulation doesn’t exist, says Richard Frimston.

Networking’s not working

Businesses should become more networking-savvy, says Steven Howells. Here’s how.

The TEP’s TEP

Roland Jones TEP is a seasoned STEP volunteer, having held, and still holding, an impressive list of positions on STEP committees and working groups. Here he discusses the challenges faced by the industry and STEP, and the rewards of championing members’ interests.

Legacy system

Amanda Edwards discusses the taxation of transfers to legatees.

A cure for care costs

Clive Barwell explains how an ‘immediate needs plan’ can be used to fund care costs in England and Wales.

Take the bull by the horns

Clients with links to Spain should immediately analyse their tax residence in light of the OECD’s Common Reporting Standard, writes Patricia García Mediero.

Hot tickets

Emma Lejeune and Harriet Rhoda outline why Gibraltar is an ideal jurisdiction for high-net-worth clients; Petros Rialas presents the case for Cyprus as an attractive option for international families; and Jean-Philippe Chetcuti highlights Malta’s allure for family businesses.

No small beer

Belgian-resident taxpayers with a trust or trust-like arrangement may be subject to the so-called ‘Cayman tax’, Anton van Zantbeek explains.

The vault opens

Ariel Sergio Goekmen considers the current state of Swiss banking secrecy.

A level playing field?

German rules that provide lower inheritance-tax relief for persons with limited tax liability have been found to violate one of the fundamental freedoms of the single market, Dr Andreas Richter and Stephan Hamacher explain.

How far we have come

Geoffrey Shindler recalls how STEP, conceived 25 years ago in a Baker Street office, has grown into a worldwide network of over 20,000 members.

Silver highlights

On STEP’s silver anniversary, we look back at some of the major milestones in the past quarter of a century, and ask what the Society will look like in another 25 years.

How times have changed

On STEP’s silver anniversary, we look back at some of the major milestones in the past quarter of a century, and ask what the Society will look like in another 25 years.

STEP by STEP

What value do members place in STEP? Here is what some of you have to say.

The Mossack Fonseca leak: reading between the lines

The leak of client data from Panamanian law firm Mossack Fonseca raised many questions about the future of tax planning. So how should practitioners be advising clients?

That’s life insurance

Michael Grob outlines the uses of life insurance as a planning tool for high-net-worth clients with cross-border interests.

What were you thinking?

Mental incapacity is a defence under US law for failure to file the Report of Foreign Bank and Financial Accounts form, but actually proving clients’ incapacity is a different matter altogether, writes Sanford I Millar.

Consider your cross options

Emma Rudge advises on how to ‘insure’ a smooth share transfer on death.

The best-laid pension plans...

The reduction in the lifetime allowance and other changes to UK pension rules mean high earners must review their retirement strategy, notes Patrick Connolly.

Always remember the golden rule

A recent case in the Court of Appeal of England and Wales provides a salutary reminder to practitioners of the use of the golden rule, Emily Deane explains.

Book Review: Mental Capacity: Law and Practice

By Gordon Ashton OBE
Reviewed by Heledd Wyn

Web exclusive: Looking behind the name

Claire Tilbrook highlights recent initiatives that aim to enhance the transparency of beneficial ownership of UK real estate by foreign companies.