Proposed EU rules for tax planning intermediaries

In June 2017 the European Commission published draft legislation containing new rules for tax-planning intermediaries who design or promote cross-border tax planning arrangements. The stated objective is to identify and assess schemes that are potentially facilitating tax evasion or avoidance in order to block harmful arrangements in the early stages. The proposals require intermediaries to report… Read More Proposed EU rules for tax planning intermediaries

September 27, 2017February 17, 2020 STEPeditor2 Comments

Policy watch: Debating the UK Finance Bill

STEP members may be interested in a reasoned debate that took place last Wednesday, 6 September in the UK House of Commons, which gave some insight into the view of both the opposition and the government as to how offshore trusts are perceived. Parliament came back from its summer holidays last week, albeit not for… Read More Policy watch: Debating the UK Finance Bill

September 11, 2017September 11, 2017 STEPeditorLeave a comment

Trustees, have you got your LEIs?

The Global Legal Entity Identification Foundation (GLEIF) has designed a system whereby every ‘legal entity’ will need to register and obtain a unique identification number – a Legal Entity Identifier (LEI) when new European legislation, the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR) takes effect in the UK. If the entity does… Read More Trustees, have you got your LEIs?

September 5, 2017December 8, 2017 STEPeditor5 Comments

Are you prepared for the UK’s new corporate criminal offence?

STEP advised members earlier this year that the Criminal Finances Act 2017 received Royal Assent on 27 April 2017. The Act contains the new corporate criminal offence of ‘failure to prevent the facilitation of tax evasion’, which is anticipated to take effect in September 2017. Even though tax evasion and facilitation of tax-related crimes are… Read More Are you prepared for the UK’s new corporate criminal offence?

July 27, 2017July 27, 2017 STEPeditorLeave a comment

MoJ in special measures on charges?

STEP was one of the bodies most actively engaged in the furore that developed around the Ministry of Justice’s (MoJ) proposal to raise probate fees for some estates from £155/215 to as much as £20,000. One of the things that enraged many STEP members was not just the scale of the increase, but the fact… Read More MoJ in special measures on charges?

July 25, 2017July 25, 2017 STEPeditorLeave a comment

Information exchange reporting FAQs

With reporting now underway in the UK for both FATCA and the Common Reporting Standard (CRS), STEP has been liaising with HMRC on some of the finer points of reporting. Can I still submit CRS amendments? There is some time available following the 31 May 2017 deadline for submission of amendments or corrections. If you… Read More Information exchange reporting FAQs

June 20, 2017June 20, 2017 STEPeditorLeave a comment

CRS reporting update, June 2017

STEP attended the most recent CRS Business Advisory Group hosted by HMRC and discussed the following issues: FAQs HMRC advised that new documents on the OECD portal have been published along with some additional FAQs. Anti-avoidance Members were interested to know when the OECD will publish its loophole paper which will review loophole reporting strategies.… Read More CRS reporting update, June 2017

June 8, 2017 STEPeditor5 Comments

EU AMLD: where are we now?

On 21 March 2017, the first political trilogue on the Commission proposals to amend the 4th Anti-Money Laundering Directive (4AMLD), proposed in July 2016, on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing took place at the European Parliament (EP). In the wake of the… Read More EU AMLD: where are we now?

May 25, 2017June 8, 2017 STEPeditor1 Comment

STEP Caribbean Conference, Cayman

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

May 4, 2017 STEPeditorLeave a comment

Probate fees: how we got to where we are

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

April 24, 2017April 24, 2017 STEPeditorLeave a comment

The STEP Blog

Category: Policy