HM Revenue & Customs (HMRC) has amended the Inheritance Tax (Delivery of Accounts) (Excepted Estates) (Amendment) Regulations 2021 to exempt many estates from the need to submit an HMRC form. These estates can now use the probate/confirmation form instead: For deaths on or after 1 January excepted estates should no longer complete an IHT205/C5/IHT217 or… Read More Reminder: UK IHT reporting changes from January 2022
The UK government announced five key technical and administrative changes to capital gains tax (CGT) on 30 November, also known as Tax Administration and Maintenance Day. The changes offer taxpayers some practical simplifications for taxpayers. STEP is pleased to note that the government has addressed some of our recommendations but is disappointed that the existing… Read More Capital gains tax: changes are welcome but a full system overhaul is needed
The Financial Action Task Force (FATF) is conducting a review of Recommendation 25, which covers the transparency and beneficial ownership of legal arrangements. The FATF’s objective is to improve Recommendation 25 and its Interpretive Note to meet its overall objective of preventing the misuse of legal arrangements for money laundering or terrorist financing. The FATF… Read More FATF invites STEP to discuss potential revision of Recommendation 25
STEP informed members in November 2020[1] that the Ministry of Justice (MoJ) and the Office of the Public Guardian (OPG) had jointly initiated a project to modernise the process of making and registering lasting powers of attorney (LPAs) in England and Wales. The collaboration involved a series of stakeholder working groups to obtain research that… Read More Modernising LPAs: consultation published
The Edinburgh Tax Network celebrated the 100th anniversary of the Trust Scotland Act 1921 by hosting a web event for stakeholders this week, which STEP attended. The centenary of the Principal Statute on 19 August has prompted the Scottish Law Commission to submit a draft bill for potential reform, the Trusts (Scotland) Bill, to the… Read More Trust Scotland Act 1921 centenary prompts call for reform
UPDATE 13 DECEMBER 2021 On 13 December 2021, during the release of its iOS 15.2 update, Apple officially released its Digital Legacy feature, which lets people choose the specific people (up to five family members or friends) who will be able to access their account after they die. The chosen contacts will then be able… Read More Progress on digital legacy planning from internet service providers
STEP is considering the development and implementation of an online testamentary capacity assessment course and is keen to assess members’ appetite and enthusiasm. With very little guidance or industry training currently available, an online course could be a valuable educational tool for anyone required to interact with capacity assessments. The background to the course In 2017… Read More What are your views on a STEP testamentary capacity assessment course?
The Law Commission of England and Wales has announced a public consultation on its 14th Programme of Law Reform and has published a scoping document providing background on the programme and ideas for potential projects. STEP is hosting a joint webinar with the Law Commission on 19 May to discuss the proposals in further detail.… Read More Invitation to STEP/Law Commission free webinar on its 14th Programme of Law Reform
The UK Ministry of Justice (MoJ) has announced a public consultation on increasing selected court fees in line with historical inflation dating from August 2016 to April 2021, or from the year the fee was last amended (capped at August 2016). The proposal is limited to fees which are under-recovering compared to the estimated cost… Read More MoJ announces consultation on court fee increases
The Organisation for Economic Co-operation and Development’s (OECD) Task Force on Tax Crimes and Other Crimes launched its new report, Ending the Shell Game: Cracking down on the Professionals who enable Tax and White Collar Crimes, during the 2021 OECD Global Anti-Corruption & Integrity Forum this week. The report sets out a range of strategies… Read More OECD steps up the fight against enablers of tax and financial crimes
The STEP Blog 