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?
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?
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
HMRC hosted another Charities CRS working group on 16 January. The following issues were on the agenda for discussion: Anti-Avoidance Rules HMRC would like to refine its currently broad regulation regarding anti-avoidance. It is scheduled to discuss it with the compliance team shortly. It will also be reviewing the anti-avoidance issues surrounding donations channelled through… Read More CRS and Charities: January 2017 update
STEP has published Offshore Perceptions, a major new piece of research looking at the current state of the offshore world. It paints a picture of a sector adapting rapidly to a new regulatory and institutional environment. It also confirms that measures designed to tackle abuse by a few, are actually having a major impact on… Read More What next for offshore?
HMRC hosted another Charities CRS working group on 12 October. The following issues were on the agenda for discussion: Human Rights Guidance HMRC has been collecting examples from the working group to increase transparency and address concerns where the exchange of information could put individuals at risk. Its new guidance has addressed some of these… Read More CRS and Charities October update
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
Update on discussions relating to the treatment of trusts Following the consultation paper issued on 19 August 2016, members of STEP’s UK Technical Committee have been closely involved in discussions with HM Treasury and HM Revenue & Customs in relation to the latest proposals. The most difficult area is the treatment of offshore trusts set… Read More April 2017 changes to the UK’s taxation of long-term resident, non-domiciled individuals
STEP was invited by the European Commission to attend a second private sector consultative meeting on Wednesday 5 October to discuss the supranational risk assessment of money laundering and terrorist financing risk in the EU. We represented the trust sector and legal professionals in the first consultative meeting with the Commission in March 2016. The… Read More STEP in Brussels to discuss money laundering and terrorist financing risks
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