STEP Journal: Issue 1, 2021
Welcome to the first issue of the STEP Journal for 2021. This issue has a special focus on charity and philanthropy, which has never been more relevant or important to private client advisors. We also shine a spotlight on the UK and Ireland, providing updates on immigration, capital gains tax on divorce, and recent developments from the courts. This issue also features a thought leadership piece on wealth taxes in a post-COVID world, and looks at a new model for practitioners working with ultra-high-net-worth families.
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New year, new Board
We are delighted to announce that Nancy Golding QC TEP has been elected as worldwide Chair of STEP as of 1 January 2021. Nancy will take over from outgoing Chair Simon Morgan TEP, who has served two one-year terms in the role.
When the whistle blew on the investment strategies of high-profile UK charities, such as the National Trust and Comic Relief, other UK charities immediately sat up and took note.
The outbreak of COVID-19 in 2020 hit the global economy hard: the impact of the pandemic will continue to unfold over the coming months and possibly even years.
By Pablo A Hernández González-Barreda
Reviewed by Stephen Arthur TEP
This book is an academic analysis of a phrase that all lawyers and tax practitioners think they understand.
Nearly two years ago, I wrote an article for this publication as I took on the role of Chair, and I remain delighted that our membership chose me to serve.
As STEP celebrates its 30th anniversary this year, Nancy Golding QC TEP has been along for almost the entire ride, with a special focus on fiduciary litigation and estate planning.
When we set out to develop our next five-year strategy, our first step was to revisit STEP’s vision, mission and values to ensure that these continue to reflect who we are, what we stand for and what we want to achieve.
Roundtable participants:
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As the UK remains a popular jurisdiction for entrepreneurs and families to settle, invest and do business in, there are many factors that must be considered, depending on circumstances and plans.
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The UK Supreme Court’s significant decision in Sevilleja v Marex Financial Ltd has provided greater clarity regarding the principle against the recovery of reflective loss.
When a couple are in the midst of a breakdown in their marriage or civil partnership, tax may be the last thing on their minds. However, failing to take good tax advice may result in unexpected tax consequences arising from a separation or divorce.
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There are many trusts with a single asset, e.g. a property occupied by beneficiaries, yet there is no guidance for trustees, and no funds to pay for advice on what to do.
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The unprecedented circumstances of 2020’s COVID-19 outbreak, which engulfed the world by April last year, have caused untold financial stress globally.
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Trustees are being asked to consider the integration of ethical and impact investing into the management of their financial assets, but where do they begin?
The ten domains of family wealth
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A recent report by the OECD details the tax treatment of philanthropic entities and philanthropic giving in 40 OECD Member States and participating countries.
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Binding and non-binding regulations on sustainable finance are multiplying in the EU, Switzerland and elsewhere. Sustainable finance is generally defined as taking into account environmental, social and corporate governance (ESG) considerations in the investment decision process.
The advent of planned giving has had a mercurial effect on the relationship of the estate-planning advisor and the process of philanthropy. The best-planned gifts arise from the best advice and, therefore, the best advisors.
Reimagining grant making
A long tradition of openness
For the second time in less than a year, the Court of Justice of the European Union (the Court) has been questioned over the nature of civil-law notaries as a professional body and the enforceability of their deeds within the area of the EU Succession Regulation (the Regulation).
Trust deeds frequently confer powers of exclusion on trustees to enable the removal of beneficiaries from the class of beneficiaries or to restrict the benefit that beneficiaries may receive from the trust.
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