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
The Financial Action Task Force (FATF) announced a public consultation of its review of Recommendation 24 in 2020. STEP attended multiple public and private meetings with FATF to discuss the potential amendments to the regime. The overarching objective of the review is to strengthen the measures in place and mitigate the obstacles to transparency and risks… Read More FATF’s adopted amendments to Recommendation 24
The Ministry of Justice (MoJ) and the Office of the Public Guardian (OPG) jointly initiated a project to modernise the process of making and registering lasting powers of attorney (LPAs) in England and Wales in November 2020. STEP was invited to sit on the Modernising Lasting Powers of Attorney (MLPA) stakeholder working group and has… Read More Modernising Lasting Powers of Attorney
The Edinburgh Tax Network celebrated the 100th anniversary of the Trust Scotland Act 1921 by hosting a web event for stakeholders this week, which STEP attended. The centenary of the Principal Statute on 19 August has prompted the Scottish Law Commission to submit a draft bill for potential reform, the Trusts (Scotland) Bill, to the… Read More Trust Scotland Act 1921 centenary prompts call for reform
STEP is considering the development and implementation of an online testamentary capacity assessment course and is keen to assess members’ appetite and enthusiasm. With very little guidance or industry training currently available, an online course could be a valuable educational tool for anyone required to interact with capacity assessments. The background to the course In 2017… Read More What are your views on a STEP testamentary capacity assessment course?
The Law Commission of England and Wales has announced a public consultation on its 14th Programme of Law Reform and has published a scoping document providing background on the programme and ideas for potential projects. STEP is hosting a joint webinar with the Law Commission on 19 May to discuss the proposals in further detail.… Read More Invitation to STEP/Law Commission free webinar on its 14th Programme of Law Reform
The UK Ministry of Justice (MoJ) has announced a public consultation on increasing selected court fees in line with historical inflation dating from August 2016 to April 2021, or from the year the fee was last amended (capped at August 2016). The proposal is limited to fees which are under-recovering compared to the estimated cost… Read More MoJ announces consultation on court fee increases
STEP attended a virtual meeting held by the Financial Action Task Force (FATF) on 18 March to discuss potential amendments to FATF Standards Recommendation 24 and its implementation. FATF announced its intention to review this area, which may lead to a comprehensive overhaul of the system of beneficial ownership (BO), at a private sector consultative… Read More STEP attends FATF meeting to discuss beneficial ownership regime
HM Revenue & Customs (HMRC) invited some of the UK’s financial industry experts, including STEP, to join an overview of the OECD’s current review of the Common Reporting Standard (CRS). The OECD will launch a consultation later this year, but has requested early input from industry experts on the improvements and changes that they would… Read More The OECD reviews the Common Reporting Standard
The disclosure of cross-border tax planning arrangements under Council Directive (EU) 2018/822 (DAC6) came into force on 1 July 2020 and requires reporting of any persons involved in cross-border arrangements, including loan agreements, payments from a resident of one country to a resident of another, or putting funds in an offshore trust, if one of the… Read More The UK replaces DAC6 with the OECD’s model Mandatory Disclosure Rules (MDR) post-Brexit
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