There are many awards in the financial services sector these days – barely a fortnight goes by that I do not see an article or press release about an award being given to some deserving individual, firm or jurisdiction. However, the STEP Private Client Awards stands out for two reasons: firstly, the fact that STEP… Read More Why the Private Client Awards stands out – a judge’s perspective
Taking a global view, the period since 2008 has been marked by unprecedented activity aimed at improving tax transparency. First of all we had tax information exchange on request. More recently the move has begun to automatic exchange of tax information. The same period has also seen enormous emphasis internationally on improving the availability of… Read More Why do people go offshore?
Whatever may have happened over the last six months has no doubt been dwarfed by the EU referendum result and the seismic political fallout and current uncertainty on so many fronts – political, economic and financial – before we begin to consider the outcome of the Brexit negotiations. STEP is monitoring the situation closely and… Read More STEP England & Wales Biannual Statement – July 2016
Imagine a client comes to you looking to reduce the inheritance tax bill on his death. He cannot afford to make outright gifts, and so instead you suggest he sets up a trust for his grandchildren and makes an interest free loan to the trust. The trust will invest in a UK authorised investment fund.… Read More HMRC takes aim at inheritance tax planning
Moshe Asher, Director General, Israel Tax Authority (ITA) told the recent STEP Israel Annual Conference, how the ITA reached out to tax payers in Israel, encouraging them to come forward and regulate their tax affairs. Last year the ITA sent more than 100,000 letters to those suspected of evading taxes. Mr Asher said, ‘In Israel there… Read More STEP Israel Annual Conference hosts Moshe Asher
The UK’s historic vote on 23 June to leave the European Union has caused huge uncertainty, particularly for the three million EU citizens currently living in the UK, and the two million or so British people who live in other EU countries. Brexit has huge implications for cross-border families, both in the UK and in… Read More Brexit: Focus must be on cross-border families
France has taken the unprecedented decision to put its register of trusts online and freely accessible this week. From 30 June the French trusts register can be accessed by using a number of search criteria, including the name of the trust, or identity of the trustee, settlor or beneficiaries. France obtained this information as trustees of… Read More French trust register goes live to public on 30 June
As its June 2015 Newsletter declares, HMRC aims to issue an IHT421 probate summary in ten working days from receipt of an IHT400 Inheritance Tax Account. However this does depend on the inheritance tax being paid first. If it has not been credited to the HMRC account, your IHT400 goes into a different, and slower-moving, pile… Read More HMRC’s timescales for dealing with IHT
The UK government has recently formed the Independent Commission on Dormant Assets which is investigating a revised scheme in order to identify new pools of dormant or unclaimed assets. The existing scheme was formed in 2008, after the Dormant Bank and Building Society Accounts Act 2008 was passed, which deems bank and building society accounts… Read More What’s happening to dormant assets?
The answer, in two words: ‘it doesn’t’! The new Financial Reporting Standard FRS102 is applicable in the UK and Republic of Ireland and replaces all the UK Financial Reporting Standards and UITF Abstracts in issue prior to the new UK financial reporting regime. It sets the standard for financial reporting and applies primarily to corporate… Read More How does FRS102 affect the preparation of trust and estate accounts?
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