April 2017 changes to the UK’s taxation of long-term resident, non-domiciled individuals

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

October 14, 2016November 2, 2016 STEPeditorLeave a comment

HMRC takes aim at inheritance tax planning

Imagine a client comes to you looking to reduce the inheritance tax bill on his death. He cannot afford to make outright gifts, and so instead you suggest he sets up a trust for his grandchildren and makes an interest free loan to the trust. The trust will invest in a UK authorised investment fund.… Read More HMRC takes aim at inheritance tax planning

July 6, 2016 STEPeditor3 Comments

French trust register goes live to public on 30 June

France has taken the unprecedented decision to put its register of trusts online and freely accessible this week. From 30 June the French trusts register can be accessed by using a number of search criteria, including the name of the trust, or identity of the trustee, settlor or beneficiaries. France obtained this information as trustees of… Read More French trust register goes live to public on 30 June

June 27, 2016July 19, 2016 STEPeditor1 Comment

HMRC’s timescales for dealing with IHT

As its June 2015 Newsletter declares, HMRC aims to issue an IHT421 probate summary in ten working days from receipt of an IHT400 Inheritance Tax Account. However this does depend on the inheritance tax being paid first. If it has not been credited to the HMRC account, your IHT400 goes into a different, and slower-moving, pile… Read More HMRC’s timescales for dealing with IHT

June 27, 2016July 19, 2016 STEPeditor1 Comment

What’s happening to dormant assets?

The UK government has recently formed the Independent Commission on Dormant Assets which is investigating a revised scheme in order to identify new pools of dormant or unclaimed assets. The existing scheme was formed in 2008, after the Dormant Bank and Building Society Accounts Act 2008 was passed, which deems bank and building society accounts… Read More What’s happening to dormant assets?

June 15, 2016June 15, 2016 STEPeditor1 Comment

Controversial will? Advise your clients on ‘statements of reason’

Earlier this spring STEP hosted the Tax, Trusts & Estates Conference at a number of venues around the UK. Speakers included Stephen Lawson TEP, Chris Whitehouse TEP, Caroline Bielanska TEP, Steven Kempster TEP, Professor Lesley King TEP, and Lucy Obrey TEP. Stephen Lawson provided a much needed update on the Inheritance (Provision for Family and… Read More Controversial will? Advise your clients on ‘statements of reason’

May 17, 2016May 23, 2016 STEPeditorLeave a comment

The UK PSC Register: what you need to know

Transparency has been in the forefront of many people’s minds since news broke of the leak from Mossack Fonseca in Panama. But those in the know will be aware that the UK government has already taken steps to tackle the issue with the creation of a public register of company beneficial ownership: the PSC (People… Read More The UK PSC Register: what you need to know

May 16, 2016July 19, 2016 STEPeditorLeave a comment

STEP attends European Parliament meeting on vulnerable adults across Member States

STEP members Richard Frimston TEP and Anneke Vrenegoor TEP attended the European Parliament (EP) on 20 April to hear expert presentations on vulnerable adults across Member States (MS) by Dr Ian Curry Summer and Pietro Franzina (see presentations below). The occasion followed continued debate in the EP regarding the difficulty that MS are encountering to… Read More STEP attends European Parliament meeting on vulnerable adults across Member States

May 11, 2016May 11, 2016 STEPeditorLeave a comment

CRS and Charities continued…

HMRC has posted its international automatic exchange guidance on the government website, following another meeting held with STEP and charity advisors: International Exchange of Information Manual. The charity guidance will be posted within a week, the HMRC working group promises. Attendees at the meeting discussed the mechanics of the due diligence process of charities in more… Read More CRS and Charities continued…

April 27, 2016April 27, 2016 STEPeditorLeave a comment

Terrorist financing discussed in Vienna

The Financial Action Task Force (FATF) Private Sector Consultative Forum in Vienna earlier this week explored measures to combat terrorist financing, writes STEP’s Sean Smith. The first day focused on the risk of terrorist abuse in Non-Profit Organisations – a sector deemed vulnerable because of the resources they use and their geographical spread. On the… Read More Terrorist financing discussed in Vienna

April 22, 2016October 20, 2016 STEPeditorLeave a comment

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Category: Technical