STEP Journal: Issue 2, 2021
Welcome to the second issue of the STEP Journal for 2021. This issue shines a spotlight on the Caribbean and Latin America, providing updates on wealth structuring, beneficial ownership and new tax rules. This issue also focuses on complex families and vulnerable clients, with features touching on elder abuse, vulnerable children and helping families navigate mental health challenges.
View the full issue as a digital magazine (login required), or read online below.
Read the full issue online
With crisis comes innovation
STEP membership renewals 2021
Thank you for your support over the past year.
January 2021 has already seen substantive policy headlines in the private client industry.
Above and beyond
In January 2020, STEP launched its revised Disciplinary Rules (the Rules). Less draconian, yet more robust than ever before, the Rules provide greater flexibility for how STEP upholds its professional standards.
Setting the record straight on trusts
After a turbulent 2020, the world could be forgiven for hoping for a calmer 2021.
By Sofia Thomas and James Pirrie
Reviewed by Steven Holden TEP
Nature is the bedrock of our economy.
Taxation
Africa
- The Seychelles National Assembly’s final sitting of 2020 approved government-proposed amendments to the Business Tax Act, in a move to resolve EU concerns about its territorial tax system.
As the COVID-19 pandemic continues, many countries are searching for new sources of revenue, and Brazil is no exception. Due to a current debate at the Supreme Federal Court of Brazil (the Court), the country’s estate and gift tax (ITCMD) is back in the spotlight.
Key points
What is the issue?
The Grand Court of the Cayman Islands has confirmed that s.90 of the Trusts Law (2020 Revision) does not confer exclusive statutory jurisdiction on the Cayman Islands courts.
Key points
What is the issue?
Key points
What is the issue?
Brazilian high-net-worth individuals are increasingly looking to diversify their wealth globally. However, there is a lack of clarity surrounding the treatment of trusts in Brazil.
Prior to 2020, controlled foreign corporation (CFC) rules set forth in Mexico’s Income Tax Law (the Law) also applied to foreign legal arrangements without legal personality, such as trusts and most partnerships.
Key points
What is the issue?
Foreign direct investments in the United Arab Emirates mainland used to be subject to restrictions, notably the so-called ‘49–51 per cent rule’.
What does it mean for me?
Reimagining client relationships
Key points
What is the issue?
England and Wales is a jurisdiction often favoured by individuals from overseas to either invest or own property in, although many will not be domiciled there.
Key points
What is the issue?
The interaction between US domestic tax residency provisions and tax treaties is integral to international income tax and estate planning, particularly in light of the US expatriation tax.
Key points
What is the issue?
In an increasingly globalised world, the issue of child relocation or permanent removal as a result of relationship breakdown is often thrust to the forefront of family law proceedings.
For donors and attorneys acting under lasting powers of attorney (LPAs) or continuing powers of attorney (CPAs) in Scotland, enduring powers of attorney (EPAs), or indeed other powers of attorney (PoAs) in England and Wales and Scotland, a recent and welcome development is the availability of a s
In a technology-driven world, even the eldest members of our society have become familiar with financial scams: from calls over a car’s extended warranty to emails from a foreign prince promising riches.
Key points
What is the issue?
Child Trust Funds and their replacement, Junior ISAs, were introduced in 2005 and made available to all children born in the UK between 1 September 2002 and 2 January 2011.
Key points
What is the issue?
With an affluent but ageing population, there is a growing risk of elder financial abuse, often involving legal transactions.
What does it mean for me?
Marriage rates in the UK have fallen greatly in the past few decades. Concomitantly, the number of cohabiting couples has significantly increased, and such couples are the fastest-growing family type.
Key points
What is the issue?
The treatment of clients in vulnerable circumstances has moved up the national agenda. It is essential that all professionals gain a thorough understanding of its implications for service delivery.
Key points
What is the issue?
As of 1 January 2021, EU Council Directive 2018/822 (DAC6) is live for all EU Member States. Its rules are complex and frequently difficult to interpret with certainty.
In 2020, the England and Wales High Court (the Court) issued a decision in a case concerning two warring elements of the UK’s Greek Orthodox community and historic trust documents dating back to the 19th century.
Key points
What is the issue?
The latest amendment to Act LX of 2017 on Arbitration allows any disputes related to trusts in Hungary to be referred to arbitration.
What does it mean for me?
Connect with us