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
When writing this blog, usually the first thing I do is to refer to my previous one I posted to comment or update England and Wales members on items mentioned. Not this time. The worldwide COVID-19 pandemic has affected everyone, whether they have contracted the virus or not. It is in such circumstances that the… Read More Belonging to a supportive organisation like STEP come into its own in such difficult times
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
This week we publish a short report reflecting on the use of PCRT (Professional Conduct in Relation to Taxation) by the professional bodies since the Standards for Tax Planning were added in March 2017. STEP became a signatory to PCRT in 2011 following its inception 25 years ago by the other UK tax bodies. PCRT… Read More PCRT: Continuing to raise professional standards
Following a query raised on the Trusts Discussion Forum, STEP’s UK Technical Committee has been considering the capital gains tax consequences of a deed of variation of a will in circumstances where the asset which is the subject of the variation has already been disposed of by the original beneficiary. The specific issue raised was… Read More Update on HMRC’s Capital Gains Tax Manual
The UK government laid a statutory instrument on 15 January 2020, which increases the net sum that a surviving spouse or civil partner is entitled to receive in England and Wales where a person dies intestate leaving issue (children). The new legacy has been increased from GBP250,000 to GBP270,000, and will come into force on… Read More UK government raises statutory legacy in England and Wales
I’ve learned much in my first year as Chair of STEP England and Wales. The most impressive thing I’ve seen remains something that I already knew existed; the passion and dedication of our members. The E&W Committee are looking at how we can increase support at a local level. Getting new members involved remains the… Read More A look back at 2019 in STEP England and Wales
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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