Author: STEPeditor

Practitioner perspective: We need to work together to help vulnerable clients

Vulnerability is not synonymous with poverty or age, it can happen to anyone, at any time. While I have been interested in vulnerability for many years, it was the development of my firm’s corporate social responsibility (CSR) policy, with the theme, ‘vulnerability and combating financial abuse,’ that really crystallised my desire to develop my technical… Read More Practitioner perspective: We need to work together to help vulnerable clients

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UK Ministry of Justice enacts video-witnessing of wills

The UK Ministry of Justice (MoJ) has today announced the implementation of secondary legislation under the Electronic Communications Act 2000 that can be applied retrospectively to the beginning of the COVID-19 pandemic on 31 January. The new legislation, which only applies in England and Wales, enables individuals to video-witness the execution of their wills if… Read More UK Ministry of Justice enacts video-witnessing of wills

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STEP welcomes UK government response to Fifth Anti-Money Laundering Directive consultation

Update 11 August 2020: It remains unclear exactly when the proposed Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 will come into force as this is being created by way of a Statutory Instrument, which is subject to the sifting procedure in Parliament. This is a special procedure for EU legislation, and the… Read More STEP welcomes UK government response to Fifth Anti-Money Laundering Directive consultation

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The five most common reporting errors for trusts to avoid

HM Revenue & Custom’s (HMRC) compliance team has identified the five most common errors made by UK administered trusts which are Financial Institutions (FIs) when fulfilling their obligations under the International Tax Compliance Regulations 2015. These obligations relate to Automatic Exchange of Information (AEOI) which includes the Common Reporting Standard (CRS) and the Foreign Account… Read More The five most common reporting errors for trusts to avoid

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Update from HMRC’s Trusts and Estates team

HMRC’s Trusts and Estates team met with the Agents Advisory Group and Capital Taxes Liaison Group in May and provided the following updates: Operational update Despite the unique challenges presented by the current COVID-19 situation, inheritance tax and trusts operational areas are currently meeting all key targets and processing post and new accounts within published… Read More Update from HMRC’s Trusts and Estates team

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Belonging to a supportive organisation like STEP come into its own in such difficult times

When writing this blog, usually the first thing I do is to refer to my previous one I posted to comment or update England and Wales members on items mentioned. Not this time. The worldwide COVID-19 pandemic has affected everyone, whether they have contracted the virus or not. It is in such circumstances that the… Read More Belonging to a supportive organisation like STEP come into its own in such difficult times

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STEP joins Anti-Money Laundering Europe webinar on the future of the EU’s fight against money laundering

On 3 June, STEP joined a webinar hosted by Anti-Money Laundering Europe (AME) on the future of the European Union’s fight against money laundering. John Riches TEP, Chair of STEP’s Public Policy Committee, was joined on the panel by Jérôme Deslandes, Cabinet of the Executive Vice President of the European Commission; and Piers Haben, Director… Read More STEP joins Anti-Money Laundering Europe webinar on the future of the EU’s fight against money laundering

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The COVID-19 crisis prompts a rash of philanthropic giving

On 13 May 2020 the STEP Philanthropy Special Interest Group (SIG) in partnership with Philanthropy Impact hosted the first of its 2020 Philanthropy Programme series of events with a webinar entitled ‘Core Components of a Professional Philanthropy Advisory Practice’. The event attracted a number of delegates from 18 different jurisdictions, and discussed a range of… Read More The COVID-19 crisis prompts a rash of philanthropic giving

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HMCTS announces interim operational arrangements

Update 25 August 2020: HM Courts & Tribunal Service (HMCTS) has provided some further guidance in relation to submitting England and Wales probate applications in the correct format: If you have lodged an application through the online portal using your registered account you do not need to send any application forms, when you send in… Read More HMCTS announces interim operational arrangements

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