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
This week we publish a short report reflecting on the use of PCRT (Professional Conduct in Relation to Taxation) by the professional bodies since the Standards for Tax Planning were added in March 2017. STEP became a signatory to PCRT in 2011 following its inception 25 years ago by the other UK tax bodies. PCRT… Read More PCRT: Continuing to raise professional standards
Following a query raised on the Trusts Discussion Forum, STEP’s UK Technical Committee has been considering the capital gains tax consequences of a deed of variation of a will in circumstances where the asset which is the subject of the variation has already been disposed of by the original beneficiary. The specific issue raised was… Read More Update on HMRC’s Capital Gains Tax Manual
The UK government laid a statutory instrument on 15 January 2020, which increases the net sum that a surviving spouse or civil partner is entitled to receive in England and Wales where a person dies intestate leaving issue (children). The new legacy has been increased from GBP250,000 to GBP270,000, and will come into force on… Read More UK government raises statutory legacy in England and Wales
I’ve learned much in my first year as Chair of STEP England and Wales. The most impressive thing I’ve seen remains something that I already knew existed; the passion and dedication of our members. The E&W Committee are looking at how we can increase support at a local level. Getting new members involved remains the… Read More A look back at 2019 in STEP England and Wales
STEP is aware that many members are looking for clarification as to how GDPR should be interpreted in the context of trusts and estates. STEP’s Data Protection Working Group has made submissions to, and had discussions with, the Information Commissioner’s Office on this topic, and intends to publish guidance early next year (most likely in… Read More GDPR and trusts and estates: new guidance coming
Updated 24 March 2020: HM Courts & Tribunals Service (HMCTS) has launched new standard application forms for professional practitioners. Three of the grant of representation forms have been redesigned for the professional sector. These are the PA1A (applying for grant of letters of administration), PA1P (applying for a grant of probate) and PA8A (applying for… Read More Progress on UK probate delays
I passed a busy few days in Sao Paulo last week at the STEP LatAm Conference, where I was representing STEP, together with our Chair, Simon Morgan TEP. The regional committee meeting and first networking reception set the tone for meeting many of our professional members, and it was a great pleasure to meet so… Read More Meeting new friends and old at the STEP LatAm Conference in Sao Paulo
It has come to STEP’s attention that in HMRC’s GOV.UK guidance on how to register a trust, the guidance about which beneficiaries need to be registered on the Trust Registration Service (TRS) differed in certain important respects from the HMRC guidance that was published on 22 November 2017. For example, the GOV.UK guidance said: ‘When… Read More Trust Registration Service: clarification on reporting requirements
STEP is delighted and relieved by the news that the proposed increase in probate fees in England and Wales has been dropped. News reports emerged early on Saturday morning (12 October 2019), to the relief of practitioners and others in the industry. ‘STEP welcomes the news that the government has decided to scrap the proposed… Read More UK government drops probate fee increase
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