I have just enjoyed a highly informative STEP Caribbean Conference in Cayman from May 1-3, which attracted well over 300 delegates from across the STEP world. Presentations ranged from the emerging theme of cryptocurrencies, which I suspect is a wholly new topic to many in the audience, to the use of firewall provisions in fending… Read More STEP Caribbean Conference, Cayman
STEP attended the Financial Action Task Force (FATF) Joint Experts’ Meeting on Money Laundering and Terrorist Financing Typologies in Moscow late last month. STEP’s Co-Chair of its Public Policy Committee, John Riches TEP, also attended in his capacity as a trust expert. STEP was invited to participate in a ‘Challenges of establishing beneficial ownership’ round… Read More STEP attends FATF Joint Experts’ Meeting on Typologies in Moscow
Following the news late last week that the UK government is scrapping its plans to hike probate fees, Emily Deane TEP looks back on an eventful 15 months for STEP and practitioners. February 2016 In February 2016 the Ministry of Justice (MoJ) issued a consultation paper on reforms to the fee system for grants of… Read More Probate fees: how we got to where we are
HMRC invited STEP to attend a consultation on 30 March regarding the UK’s implementation of the EU Fourth Anti-Money Laundering Directive (4AML), in particular in relation to the requirement to implement a central register of trusts. The consultation was hosted by HMRC’s Policy Specialist, Tony Zagara, and focused on Article 31 – trust beneficial ownership.… Read More HMRC consultation on 4AML implementation
The government’s threat to radically increase probate fees next month (Probate fee rise ‘a new tax on bereaved families’) may be receding, following a meeting of the House of Commons Joint Committee on Statutory Instruments on 29 March. Using some very welcome common sense, the committee raises the issue (para 1.12) that it is a… Read More Probate fees – will common sense prevail?
UPDATE 21/04/2017: the Ministry of Justice has abandoned the new fee regime due to lack of parliamentary time prior to the 2017 General Election. See more information. What is probate? When someone dies, you need to get the legal right to deal with their property, money and possessions, and to do so you need a grant… Read More New probate fees: a guide for the public
UPDATE 21/04/2017: the Ministry of Justice has conceded that the new fee regime has been abandoned due to lack of parliamentary time. See more information. Newcastle District Probate Registry has supplied the following FAQs to help practitioners implement the new probate fees. Q. What happens in cases where there is a need for an… Read More New probate fees: FAQ
Every legal entity will need to get a Legal Entity Identifier (LEI) by 3 January 2018. Emily Deane TEP explains what LEIs are, and how to get one. Please see Emily’s 5 September 2017 blog, Trustees, have you got your LEIs? What is an LEI? The Global Legal Entity Identification Foundation (GLEIF) has designed a… Read More Have you registered your LEIs?
This week STEP hosted a seminar to update members on HMRC’s latest moves to tackle tax evasion and avoidance. Entitled, ‘An essential update on HMRC’s activity to tackle tax evasion and avoidance, including information exchange, new powers and its impact on professional advisors,’ the seminar took place at BDO LLP’s office in London. Speakers included… Read More HMRC: no more safe havens
The European Data Protection Supervisor’s Opinion on proposed amends to the Fourth EU Anti-Money Laundering Directive (4AMLD) shines a welcome spotlight on data protection implications and the ‘significant and unnecessary risks to an individual’s right to privacy’. The Opinion, published on 2 February 2017, raises questions as to whether or not the proposed collection of… Read More European Data Protection Supervisor voices privacy concerns over 4AMLD
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