HMRC’s five traps to avoid with CRS/FATCA reporting

HMRC has identified the most common errors made by financial institutions (FIs) when filing their Automatic Exchange of Information (AEOI) returns, which include Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) reportable information. 1. The FI misunderstands what constitutes an undocumented account FIs are wrongly reporting accounts as ‘undocumented’ on the basis… Read More HMRC’s five traps to avoid with CRS/FATCA reporting

April 10, 2019April 25, 2019 STEPeditor1 Comment

Cross-border protection of vulnerable adults in Europe under discussion

STEP took part in the EC-HCCH Joint Conference on the Cross-Border Protection of Vulnerable Adults last week in Brussels, to discuss the ratification of the Hague Convention of 13 January 2000 on the International Protection of Adults (the Hague Convention) at EU and global level and the possible future EU legislative initiatives in this field.… Read More Cross-border protection of vulnerable adults in Europe under discussion

December 10, 2018December 10, 2018 STEPeditor1 Comment

Government changes E&W probate procedure without consultation

This Blog was updated on 26/11/2018 – for latest developments, please see the update at the end of the article below. The government has announced amendments to the procedure for applying for probate in England and Wales, with less than a month’s notice. The Statutory Instrument (The Non-Contentious Probate (Amendment) Rules 2018) will come into… Read More Government changes E&W probate procedure without consultation

November 8, 2018November 26, 2018 STEPeditor1 Comment

How will the UK budget affect STEP members?

UK Chancellor Philip Hammond delivered the final budget before the UK leaves the EU yesterday. Here are some of the key measures that may affect STEP members. Individuals Income tax: the personal allowance threshold, the rate at which people start paying income tax at 20 per cent, is to rise from GBP11,850 to GBP12,500 in… Read More How will the UK budget affect STEP members?

October 30, 2018 STEPeditorLeave a comment

The future of the Trust Registration Service

Update: 4 September 2018 HMRC would like to notify members regarding a mismatch problem with the SA950 Trust and Estates Tax Return Guide and the SA900 2017/18. The original guidance notes indicated that untaxed interest could be declared at boxes 9.2 to 9.4 when in fact, if box 9.3 is populated with ‘0’, automatic capture… Read More The future of the Trust Registration Service

June 12, 2018September 4, 2018 STEPeditor1 Comment

STEP Bahamas reports to the FATF Forum in Vienna

STEP was invited to attend the Financial Action Task Force (FATF) Private Sector Consultative Forum in Vienna on 23-24 April. The event consisted of several breakout sessions relating to FATF’s global priorities for Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) in 2018. As part of the Forum, Cecil Ferguson TEP, Chair of STEP Bahamas… Read More STEP Bahamas reports to the FATF Forum in Vienna

April 30, 2018 STEPeditorLeave a comment

Top 10 FATCA/CRS reporting issues

With reporting now underway in the UK for both FATCA (the US Foreign Account Tax Compliance Act) and the Common Reporting Standard (CRS), STEP has been liaising with HMRC on some of the more common reporting issues: 1. The financial institution (FI) has to re-register and is not able to view previous returns on the… Read More Top 10 FATCA/CRS reporting issues

March 22, 2018 STEPeditor1 Comment

The Gift Aid tax gap

STEP is working with HMRC on a Gift Aid working group set up to explore options to maximise the amount of Gift Aid that charities can claim on donations, together with ways of increasing customer understanding of the system and how it works. HMRC is also investigating opportunities to improve the way that Higher Rate… Read More The Gift Aid tax gap

March 19, 2018March 19, 2018 STEPeditorLeave a comment

The STEP Blog

Tag: Emily Deane