Bermuda has taken a landmark step in modernising trust law with the enactment of the Trustee Amendment Act 2025, which provides trustees with long-needed clarity around responsible investing. The reform was driven by Bermuda’s industry in association with STEP and the Bermuda Business Development Agency, led by Gina Pereira TEP of Dana Stewardship Advisory. The… Read More A model for jurisdictions: Bermuda trust law reform
In this blog Emily Deane TEP, Technical Counsel & Head of Government Affairs at STEP, discusses the changes announced in the UK Budget and the impact of STEP’s recommendations on key issues. The UK Budget has delivered some significant developments for the inheritance tax (IHT) regime with measures to be legislated in the Finance Bill… Read More UK government makes major IHT changes that reflect STEP recommendations
STEP attended the Annual Conference on European Family Law held at the Notary College in Barcelona on 3-4 October to discuss recent developments in legislation, jurisprudence and practice on a European and international level. The main focus was on the protection of vulnerable adults and increase in cross-border issues given that more people have assets… Read More New EU developments in the cross-border protection of vulnerable adults
The UK government published guidance relating to the ‘View an LPA’ service on 10 May 2024. This is a secure online service that allows companies and organisations to check the information contained within lasting powers of attorney (LPA) in England and Wales. Purpose of View an LPA An LPA will usually be verified by someone… Read More New guidance for ‘View an LPA’ service in England and Wales
The Organisation for Economic Co-operation & Development (OECD) has recently published three new Common Reporting Standards (CRS) Frequently Asked Questions (FAQs) on its website. The new FAQs were provided by the UK’s HM Revenue & Customs (HMRC). The FAQs relate to the following subjects: Can Reporting Financial Institutions solely rely on the fact that an… Read More OECD adds new questions to CRS FAQs
Mark Walley, CEO of STEP, gave evidence at the House of Common’s Justice Committee’s evidence session on the performance of the probate service on 30 April. The committee of MPs was established as a follow up to the Justice Committee’s written inquiry into the probate service and its poor performance in November 2023. The significant… Read More Justice Committee’s Evidence Session into the Probate Service
There has been a great deal of speculation in relation to potential tax measures that could be announced at the Autumn Statement on 17 November. It has been reported that that the Treasury has been working on a range of options for cutting or abolishing some tax reliefs for the Chancellor, Jeremy Hunt, to consider.… Read More The UK Autumn Statement – will inheritance tax proposals re-surface?
The UK government has rejected a call from a cross-party Commons Select Committee to reform law for cohabiting couples. The Women and Equalities Committee called for reform to family law in England and Wales to better protect cohabiting couples and their children from financial hardship due to separation. The Committee holds the government to account… Read More STEP disappointed by government inaction on reforming legal protections for cohabiting couples
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
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
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