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 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
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
Entries are open for the 2017/18 STEP Private Client Awards until 28 April 2017. 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
UK HMRC has confirmed today that firms that advise their clients on the establishment of offshore companies or trusts may receive pre-Notice letters this month. The letter requests that advisors come forward and volunteer the following information to HMRC: name and address of the client, the entity details (name, jurisdiction, date of registration) and details… Read More Are you a Trust or Company Service Provider under Schedule 23?
The past few months have seen some big changes at STEP. While we have announced them all separately, I thought it might be helpful to provide a summary of what’s what. First, it is a great honour and privilege to be writing this as the new worldwide Chair of STEP. I was elected in October… Read More New Year, new line-up
The UK Client Notification Regulations came into force on 30 September 2016 and the obligation for practitioners to notify any clients with offshore accounts and assets must be met by 31 August 2017. The objective of the Regulations is to ensure that clients have advance warning that HMRC will soon begin to automatically receive data… Read More The UK Client Notification Regulations – what is your obligation?
Six months ago we were all stunned at Brexit. Now we are also wondering how a Trump presidency will unfold and what further shocks national electorates may give across Europe, given the various elections ahead. STEP is monitoring the situation closely and is in discussions with other relevant professional bodies as well as maintaining lines… Read More STEP England & Wales Biannual Statement – December 2016
On 18 October, my colleague Beatriz Brockhurst (STEP News Editor) and I attended the launch of Legacy Giving and Behavioural Insights – a research report which examined how will writers discussed charitable giving with their clients. Bridging the gap The research illustrates the gap between clients expressing an interest in leaving charitable gifts (35 per… Read More Legacy giving: the role of the practitioner
The England & Wales Office of the Public Guardian (OPG) published an update in September 2015 providing guidance on financial lasting powers of attorney (LPAs) and how attorneys can delegate investment management decisions to a discretionary investment manager. Under this guidance an attorney can appoint a bank or an IFA to act on their behalf to… Read More Invitation to members – LPA discretionary investment clauses
The STEP Blog 