HMRC introduces new Trust Register Service processes

HMRC has introduced new processes for trustees and their agents to register trusts on the Trust Register Service (TRS) in the UK which will be implemented on 1 September 2022.   Deadlines for registering a trust The deadline for registering most trusts on the TRS is 1 September 2022. More information on the trusts that need to… Read More HMRC introduces new Trust Register Service processes

England and Wales Law Commission consults on reforming the law relating to digital assets

The Law Commission of England and Wales published a consultation paper on 28 July seeking views from legal and technology experts in order to examine how existing personal property law should apply to digital assets. The UK government has asked the Law Commission to make recommendations for reform to ensure that the law is capable… Read More England and Wales Law Commission consults on reforming the law relating to digital assets

Corporate philanthropy and the purpose-driven workplace

Today marks 103 years since the death of Andrew Carnegie, the famous philanthropist. To mark the occasion, we asked Julie Wynne, Chair of the STEP Philanthropy Advisors Special Interest Group, to write a blog on one of today’s hot topics: corporate philanthropy – and how companies can create a purpose-driven workplace that truly gives back to society.… Read More Corporate philanthropy and the purpose-driven workplace

US Supreme Court to rule on conflict relating to how to prevent US persons with overseas accounts from circumventing US law

The US Supreme Court has announced that it will adjudicate a conflict between federal appellate courts about how to compute the non-willful penalty for a taxpayer failing to file form 114 from the Financial Crimes Enforcement Network (FinCEN) of the US Treasury. This form is known as the Report of Foreign Bank and Financial Accounts… Read More US Supreme Court to rule on conflict relating to how to prevent US persons with overseas accounts from circumventing US law

Older people need connection, not just physical safety

The UK-based Mental Health Foundation organises Mental Health Awareness Week, which this year has the theme of loneliness. STEP is acutely aware of the impact of loneliness on not just people’s emotional well-being but also their financial security. We covered the issue of predatory marriage in a recent issue of the STEP Journal. Older people… Read More Older people need connection, not just physical safety

European Council imposes fifth package of sanctions against Russian trusts

In light of Russia’s continuing war of aggression against Ukraine, the European Council (EC) has imposed a fifth package of economic and individual sanctions against Russia on 8 April 2022. This blog explains the purpose of these sanctions and the actions that EU practitioners who are involved in Russian trusts need to take as a… Read More European Council imposes fifth package of sanctions against Russian trusts

HMRC releases report on its review of powers to uphold its standard for agents

The UK’s HM Revenue and Customs (HMRC) has recently published a review of its powers to tackle poor agent behaviour and uphold standards for its agents. This follows an HMRC call for evidence in 2020 about raising standards in the tax advice market, which STEP responded to. STEP also replied to the consultation through the… Read More HMRC releases report on its review of powers to uphold its standard for agents

LPAs no longer require discretionary investment express provision

STEP is delighted to confirm that the Office of the Public Guardian (OPG) has agreed to change its guidance on the requirement to have express provision for a discretionary investment management clause within a financial lasting power of attorney (LPA) in England and Wales. Many attorneys do not have the necessary expertise to invest their… Read More LPAs no longer require discretionary investment express provision