There have been a number of recent press articles about the role of STEP, a leading professional body, in the wealth management industry. Some of these articles have presented a highly distorted view of STEP and the activities of our members. STEP members, known as TEPs, spend their professional lives helping families plan for their… Read More STEP – the reality
The UK’s International Tax Compliance (Client Notification) Regulations have been amended and will come into force on 30 September 2016. The regulations create an obligation on financial institutions (banks, building societies, insurers, fund managers, wealth managers and professionals that offer tax or financial advice or services) to notify their clients about the tax information that… Read More International Tax Compliance (Client Notification) Regulations
STEP’s Charities UK and Philanthropy Advisors Special Interest Groups hosted a seminar on Charities and Brexit on 6 September presented by STEP members Ed Powles TEP and Tom Dumont TEP and chaired by Suzanne Reisman TEP, writes Emily Deane. According to those in the charity sector there was an immediate drop in charitable donations after… Read More How will Brexit affect the third sector?
On 18 August, I attended the latest Charities CRS Working Group meeting, hosted by HMRC. The main issues discussed were as follows: HMRC confirmed that CIOs (charitable incorporated organisations) will be treated in the same way under CRS as other corporate bodies and this will be incorporated into the new guidance. HMRC confirmed that collection of Taxpayer Identification Number… Read More CRS and charities continued…
As part of our ongoing work to ensure the safety and security of our members, STEP is currently working towards becoming fully compliant with the latest Payment Card Industry (PCI) Security Standards. This means that we will be making changes to the way we accept payments and handle sensitive information. What is PCI Compliance? PCI Compliance… Read More STEP and PCI Compliance
There are many awards in the financial services sector these days – barely a fortnight goes by that I do not see an article or press release about an award being given to some deserving individual, firm or jurisdiction. However, the STEP Private Client Awards stands out for two reasons: firstly, the fact that STEP… Read More Why the Private Client Awards stands out – a judge’s perspective
Taking a global view, the period since 2008 has been marked by unprecedented activity aimed at improving tax transparency. First of all we had tax information exchange on request. More recently the move has begun to automatic exchange of tax information. The same period has also seen enormous emphasis internationally on improving the availability of… Read More Why do people go offshore?
Whatever may have happened over the last six months has no doubt been dwarfed by the EU referendum result and the seismic political fallout and current uncertainty on so many fronts – political, economic and financial – before we begin to consider the outcome of the Brexit negotiations. STEP is monitoring the situation closely and… Read More STEP England & Wales Biannual Statement – July 2016
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
Moshe Asher, Director General, Israel Tax Authority (ITA) told the recent STEP Israel Annual Conference, how the ITA reached out to tax payers in Israel, encouraging them to come forward and regulate their tax affairs. Last year the ITA sent more than 100,000 letters to those suspected of evading taxes. Mr Asher said, ‘In Israel there… Read More STEP Israel Annual Conference hosts Moshe Asher
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