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 February 2025, the Register of Overseas Entities (Protection and Trusts) (Amendments) Regulations were approved by the UK parliament. These Regulations enable Companies House to grant, upon application, access to trust information that was previously restricted. Many of the provisions have already entered into force, but key changes will apply from 31 August 2025. The… Read More Public access to trust information via the Register of Overseas Entities
STEP is responding to the House of Commons’ Justice Committee’s inquiry into the probate service of England and Wales and the causes of delays. The consultation examines resource and capacity of the probate service to process applications, while considering long-lasting solutions to alleviate future case backlog. Background The quality of the probate service has declined… Read More Justice Committee’s inquiry into probate service of England and Wales
The Chancellor’s Spring Budget coincided with a challenging set of global circumstances. The collapse of Silicon Valley Bank just days prior emphasised the need for economic confidence, investment and growth here in the United Kingdom. Coined as the ’back-to-work’ Budget, the Chancellor’s focus was on incentivising the skilled workforce to remain in work longer. Among… Read More UK Spring Budget: key updates for STEP’s members
Delegates from across the world attended STEP’s Special Interest Spotlight Sessions in London, UK, on 9 December. Expert panellists discussed the latest issues affecting philanthropic giving, cross-border estates, international clients, business families, contentious trusts and estates, mental incapacity and digital assets.… Read More Contentious Trusts and Estates: trusts and access to justice in light of family and operational diversity
The 1 September deadline has passed for registerable trusts, simplifying the timescale to the same 90 days for all nontaxable trusts. It seems a good time to highlight other simplifications, affecting trusts of insurance policies, which may not be immediately apparent.… Read More How cross-sector collaboration clarified life and health trusts registration protections
HMRC has introduced new processes for trustees and their agents to register trusts on the Trust Register Service (TRS) in the UK which will be implemented on 1 September 2022. Deadlines for registering a trust The deadline for registering most trusts on the TRS is 1 September 2022. More information on the trusts that need to… Read More HMRC introduces new Trust Register Service processes
In light of Russia’s continuing war of aggression against Ukraine, the European Council (EC) has imposed a fifth package of economic and individual sanctions against Russia on 8 April 2022. This blog explains the purpose of these sanctions and the actions that EU practitioners who are involved in Russian trusts need to take as a… Read More European Council imposes fifth package of sanctions against Russian trusts
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
On 11 February, STEP Europe held a webinar to examine how various jurisdictions have transposed the Fifth Anti-Money Laundering Directive (5AMLD), and particularly how those Member States have chosen to define a business relationship. The panel included Stéphanie Auferil TEP from France; Dr Petra Camilleri from Malta; Aileen Keogan TEP from Ireland; Filippo Noseda TEP… Read More Trusts and AML-CFT registers of beneficial owners: I’m a trustee, do I need to register somewhere?
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