The UK Treasury has published a consultation paper on the transposition of the EU’s Fifth Anti-Money Laundering Directive (5AMLD), which expands upon the scope of registration for trusts and widens the accessibility provisions to the beneficial ownership records. The 5AMLD Directive provides for public access, but it is up to each Member State to decide… Read More 5AMLD consultation: STEP’s view
HMRC has identified the most common errors made by financial institutions (FIs) when filing their Automatic Exchange of Information (AEOI) returns, which include Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) reportable information. 1. The FI misunderstands what constitutes an undocumented account FIs are wrongly reporting accounts as ‘undocumented’ on the basis… Read More HMRC’s five traps to avoid with CRS/FATCA reporting
Entries are open for the 2019/20 STEP Private Client Awards until 30 April. The Awards are widely acknowledged as being the premier event in the private client industry calendar. Winning an Award is a very clear and recognised hallmark of excellence. How then, do you go about winning an Award? John Barnett TEP, Chair of… Read More How to win a STEP Private Client Award 2019/20
STEP’s GDPR working group recently hosted a roundtable event that enabled representatives from professional bodies, including the Law Society, ICAEW and CIOT, to update each other on their progress in relation to GDPR implementation. It is widely felt by the private client industry that when the legislation was drafted it was not designed with trust… Read More GDPR Roundtable
As I come to the end of my term as Chair of STEP’s England and Wales Regional Committee, I wanted to reflect on some of the developments since I took on the role in January 2017. Raising our profile Internally at STEP, much of the emphasis over my time as Chair has been on raising… Read More What’s happening in England and Wales?
The UK government’s plan to increase probate fees has been criticised by the opposition in the House of Lords. Labour’s Justice Spokesperson, Lord Beecham, has tabled the following motion of regret in relation to The Non-Contentious Probate (Fees) Order 2018: ‘Lord Beecham to move that this House regrets that the draft Non-Contentious Probate (Fees) Order 2018… Read More UK Labour party tables motion against probate fees rise
We’ve just returned from the STEP Global Congress in Vancouver – what a great event it was, reports Nigel Race. Congress kicked off with two excellent keynote sessions on the theme of change: ‘Change has changed’, which was focused on change in the individual practitioner; and ‘Serving the New Clientele’, which looked at cultural types… Read More Employer partners gather at STEP Global Congress
Even though the European General Data Protection Regulation (GDPR) came into force on 25 May this year in the UK there is still widespread confusion around its application to the private client industry. STEP has formed a Data Protection Impact Group with the objective of reviewing the GDPR’s impact in relation to the trust and… Read More GDPR – Invitation to Members
Entries are open for the 2018/19 STEP Private Client Awards until 31 May 2018. The Awards are widely acknowledged as being one of the premier events in the private client industry calendar. Winning an Award is also a very clear and recognised hallmark of excellence. How then, do you go about winning an Award? Enter… Read More How to win a STEP Private Client Award
As 2017 draws to a close, and with the final STEP Journal (Dec/Jan) having recently landed on your (or your office’s) doormat, this seems the perfect juncture take a quick look back on our member publications and bulletins this year. Above are the varied, colourful covers of this year’s ten STEP Journal issues, each of… Read More 2017: A brief editorial review
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