The UK’s historic vote on 23 June to leave the European Union has caused huge uncertainty, particularly for the three million EU citizens currently living in the UK, and the two million or so British people who live in other EU countries. Brexit has huge implications for cross-border families, both in the UK and in… Read More Brexit: Focus must be on cross-border families
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
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
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?
The answer, in two words: ‘it doesn’t’! The new Financial Reporting Standard FRS102 is applicable in the UK and Republic of Ireland and replaces all the UK Financial Reporting Standards and UITF Abstracts in issue prior to the new UK financial reporting regime. It sets the standard for financial reporting and applies primarily to corporate… Read More How does FRS102 affect the preparation of trust and estate accounts?
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’
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
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
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…
On Friday (22 April) HM Treasury announced that a further 19 countries have now joined the UK-led pilot project launched with Germany, France, Italy and Spain for the automatic exchange of information on beneficial ownership. These include the Netherlands; Romania; Sweden; Finland; Slovakia; Latvia; Croatia; Belgium; Ireland; Slovenia; Denmark; Malta; Lithuania; Cyprus; Bulgaria; Portugal; Estonia;… Read More Registers of beneficial ownership – the end game?
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