The five most common reporting errors for trusts to avoid

HM Revenue & Custom’s (HMRC) compliance team has identified the five most common errors made by UK administered trusts which are Financial Institutions (FIs) when fulfilling their obligations under the International Tax Compliance Regulations 2015. These obligations relate to Automatic Exchange of Information (AEOI) which includes the Common Reporting Standard (CRS) and the Foreign Account… Read More The five most common reporting errors for trusts to avoid

July 1, 2020 STEPeditorLeave a comment

Update from HMRC’s Trusts and Estates team

HMRC’s Trusts and Estates team met with the Agents Advisory Group and Capital Taxes Liaison Group in May and provided the following updates: Operational update Despite the unique challenges presented by the current COVID-19 situation, inheritance tax and trusts operational areas are currently meeting all key targets and processing post and new accounts within published… Read More Update from HMRC’s Trusts and Estates team

June 17, 2020 STEPeditor1 Comment

HMCTS announces interim operational arrangements

Update 25 August 2020: HM Courts & Tribunal Service (HMCTS) has provided some further guidance in relation to submitting England and Wales probate applications in the correct format: If you have lodged an application through the online portal using your registered account you do not need to send any application forms, when you send in… Read More HMCTS announces interim operational arrangements

April 20, 2020August 25, 2020 STEPeditorLeave a comment

UK government raises statutory legacy in England and Wales

The UK government laid a statutory instrument on 15 January 2020, which increases the net sum that a surviving spouse or civil partner is entitled to receive in England and Wales where a person dies intestate leaving issue (children). The new legacy has been increased from GBP250,000 to GBP270,000, and will come into force on… Read More UK government raises statutory legacy in England and Wales

January 17, 2020January 17, 2020 STEPeditor1 Comment

Progress on UK probate delays

Updated 24 March 2020: HM Courts & Tribunals Service (HMCTS) has launched new standard application forms for professional practitioners. Three of the grant of representation forms have been redesigned for the professional sector. These are the PA1A (applying for grant of letters of administration), PA1P (applying for a grant of probate) and PA8A (applying for… Read More Progress on UK probate delays

November 29, 2019March 24, 2020 STEPeditor9 Comments

STEP attends Global Tax Advisers Platform conference in Turin

STEP attended the Global Tax Advisers Platform (GTAP)’s inaugural conference ‘Tax & the Future’ in Turin, Italy last week, alongside many leading European tax advisors. The event was hosted by the foundation of Confédération Fiscale Européenne (CFE) Tax Advisers Europe, which was celebrating its 60th anniversary (press release). The GTAP was set up by the… Read More STEP attends Global Tax Advisers Platform conference in Turin

October 7, 2019October 7, 2019 STEPeditor2 Comments

EW probate delays: September update

Update 21 November: HM Courts & Tribunal Service (HMCTS) has announced this week that all legal professionals’ probate calls have been centralised and are now dealt with by the Birmingham Courts and Tribunals Service Centre (CTSC). You will no longer be required to contact a local registry if you need an update on your client’s… Read More EW probate delays: September update

September 10, 2019November 21, 2019 STEPeditor7 Comments

EW probate delays and disruption: an update

STEP met HM Courts & Tribunals Service (HMCTS) this week, together with The Law Society and Solicitors for the Elderly, to obtain an update on the delays and disruption to the Probate Service in England and Wales. HMCTS gave us the following update on work undertaken since our last meeting on 14 May: It has… Read More EW probate delays and disruption: an update

June 27, 2019June 27, 2019 STEPeditor2 Comments

STEP meets HMCTS to discuss EW probate delays

STEP met HM Courts & Tribunals Service (HMCTS) this week to discuss the backlog of applications and continued disruption to the Probate Service. HMCTS representatives explained its old database needed to be upgraded, which had prompted the decision to move to digital software. The new system was scheduled to go live in January but was… Read More STEP meets HMCTS to discuss EW probate delays

May 16, 2019May 17, 2019 STEPeditor18 Comments

5AMLD consultation: STEP’s view

The UK Treasury has published a consultation paper on the transposition of the EU’s Fifth Anti-Money Laundering Directive (5AMLD), which expands upon the scope of registration for trusts and widens the accessibility provisions to the beneficial ownership records. The 5AMLD Directive provides for public access, but it is up to each Member State to decide… Read More 5AMLD consultation: STEP’s view

April 25, 2019May 3, 2022 STEPeditorLeave a comment

The STEP Blog

Tag: Emily Deane