One of the most exciting things set to happen in STEP this year was to be our fourth Global Congress, which would have brought together leading experts in Dublin to exchange insight and expertise with delegates from all over the world. Sadly, the COVID-19 pandemic has meant the event has had to be postponed, but… Read More STEP’s upcoming Thought Leadership Series: expert perspectives on today’s big issues
The England and Wales Law Society has issued guidance to solicitors who advise on tax, drawing out their obligations within the Solicitors Regulation Authority (SRA) rules and regulations. The new guidance acknowledges the Professional Conduct in Relation to Taxation (PCRT), which has been developed and published by several UK accounting and tax professional bodies, including STEP,… Read More Law Society issues guidance to solicitors advising on tax
Update 11 August 2020: It remains unclear exactly when the proposed Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 will come into force as this is being created by way of a Statutory Instrument, which is subject to the sifting procedure in Parliament. This is a special procedure for EU legislation, and the… Read More STEP welcomes UK government response to Fifth Anti-Money Laundering Directive consultation
The first STEP Virtual STEP UK Annual Tax Conference was held on 26 June with over 800 people attending online. The day was a radical departure for STEP, with conventional meetings postponed or cancelled due to COVID-19. While it did include some glitches, attendees have the opportunity to catch up on any material they missed,… Read More STEP’s first Virtual UK Annual Tax Conference
HM Revenue & Custom’s (HMRC) compliance team has identified the five most common errors made by UK administered trusts which are Financial Institutions (FIs) when fulfilling their obligations under the International Tax Compliance Regulations 2015. These obligations relate to Automatic Exchange of Information (AEOI) which includes the Common Reporting Standard (CRS) and the Foreign Account… Read More The five most common reporting errors for trusts to avoid
HMRC’s Trusts and Estates team met with the Agents Advisory Group and Capital Taxes Liaison Group in May and provided the following updates: Operational update Despite the unique challenges presented by the current COVID-19 situation, inheritance tax and trusts operational areas are currently meeting all key targets and processing post and new accounts within published… Read More Update from HMRC’s Trusts and Estates team
On 3 June, STEP joined a webinar hosted by Anti-Money Laundering Europe (AME) on the future of the European Union’s fight against money laundering. John Riches TEP, Chair of STEP’s Public Policy Committee, was joined on the panel by Jérôme Deslandes, Cabinet of the Executive Vice President of the European Commission; and Piers Haben, Director… Read More STEP joins Anti-Money Laundering Europe webinar on the future of the EU’s fight against money laundering
On 13 May 2020 the STEP Philanthropy Special Interest Group (SIG) in partnership with Philanthropy Impact hosted the first of its 2020 Philanthropy Programme series of events with a webinar entitled ‘Core Components of a Professional Philanthropy Advisory Practice’. The event attracted a number of delegates from 18 different jurisdictions, and discussed a range of… Read More The COVID-19 crisis prompts a rash of philanthropic giving
Update 25 August 2020: HM Courts & Tribunal Service (HMCTS) has provided some further guidance in relation to submitting England and Wales probate applications in the correct format: If you have lodged an application through the online portal using your registered account you do not need to send any application forms, when you send in… Read More HMCTS announces interim operational arrangements
STEP is aware that many members are looking for clarification as to how GDPR should be interpreted in the context of trusts and estates. STEP’s Data Protection Working Group has made submissions to, and had discussions with, the Information Commissioner’s Office on this topic, and intends to publish guidance early next year (most likely in… Read More GDPR and trusts and estates: new guidance coming
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