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Introduction: The Society of Trust and Estate Practitioners

The Society of Trust and Estate Practitioners is the leading worldwide professional body for practitioners in the fields of trusts, estates and related issues. It is a unique global body which provides its members with a local, national and international learning and business network focusing on the “responsible stewardship of assets today and across the generations.”

STEP members help plan family successions and to navigate the complex laws and tax rules surrounding trusts, estates and inheritance.

Founded in 1991 by George Tasker, a senior trust manager with a big five UK accountancy firm, STEP was initially intended to be a discussion forum for the profession in the UK. However, since its first meeting in London, the organization has grown rapidly and STEP now has more than 14,500 members in 66 countries, ranging from the US and the UK to New Zealand and Mauritius. STEP branches can be found in 33 countries in Europe, Asia, North America, the Caribbean, Central and South America and Australasia.

STEP provides education, training, representation and networking for its members. Members advise clients on the broad business of the management of personal finance. Full members of STEP are the most experienced and senior practitioners in the field of trusts and estates.

STEP supports a wide-ranging education and training programme and more than 3,500 students worldwide are currently studying for STEP qualifications. STEP members are subject to a rigorous code of professional conduct and the public can identify if their adviser is a STEP member by the use of the designation TEP (Trust and Estate Practitioner) after their name. STEP also actively promotes continuing professional development among its members through briefings, publications, special interest groups, courses and seminars.

Although politically non-aligned, STEP campaigns for fair, transparent and consistent tax rules so that families making long-term plans have “clear tax rules that do not change repeatedly if they are going to have the confidence to enter into long-term commitments.” One recent notable example was STEP’s highlighting of the potentially damaging impact of proposed changes to the UK rules on the taxation of non-domiciled taxpayers, giving technical evidence to a House of Lords Committee and securing significant changes in legislation. STEP has also worked closely with the European Union in ensuring that proposed changes to the EU Savings Directive are “robust and practical for professional advisers to implement.” In addition, STEP has been with several jurisdictions on the practical implementation of the G20/OECD programme for improved international tax transparency.

The Report

Offshore Trusts Guide: Introduction

Offshore Trusts Guide: Jurisdictions

Bahamas Barbados Bermuda British Virgin Islands Cayman Islands Cook Islands Cyprus Gibraltar Guernsey Isle of Man Jersey Liechtenstein Madeira Malta Mauritius Monaco Nevis New Zealand Panama Seychelles Turks & Caicos Vanuatu


Offshore Trusts News

Irish Issues E-Brief On Mergers And Divisions
Thursday 22/8/2019
The Irish Revenue has published guidance on the tax compliance obligations that arise from mergers and divisions.

President Trump Considering New Tax Cuts
Thursday 22/8/2019
United States President Donald Trump said on August 20, 2019, that the administration is considering additional tax cuts to help maintain economic growth.

NZ Tax Man To Enforce Real-Time PAYE Reporting
Thursday 22/8/2019
New Zealand's Inland Revneue Department has said it is to challenge those employers who are currently failing to file their payroll information every payday.

Hong Kong Announces Reliefs For Individuals, Businesses
Thursday 22/8/2019
Hong Kong's Government has announced a package of reliefs for businesses and individuals, in response to the recent riots and risks around the global economy.

Italy Finalizes Rules For New Patent Box Regime
Thursday 8/8/2019
Italy's tax agency on July 30, 2019, published a definitive version of the rules for the operation of the country's patent box regime.

Austria To Introduce New Angel Investor Tax Breaks
Thursday 8/8/2019
The European Commission has approved an Austrian tax incentive for mid-sized business financing companies.

Gibraltar Adopts EU Dispute Resolution Rules
Thursday 8/8/2019
Gibraltar has enacted new regulations to transpose the EU's new tax dispute resolution mechanisms, set out in EU Council Directive 2017/1852, into Gibraltar's domestic tax law.

IRS Clarifies FTC Rules For French Social Taxes
Thursday 25/7/2019
On July 19, 2019, the United States Internal Revenue Service updated its webpage on foreign tax credits to clarify that it will not challenge foreign tax credit claims involving certain French taxes.

UK Shelves Plans For Surcharge On Overseas UK Property Buyers
Thursday 25/7/2019
The UK Government has dropped inclusion in the upcoming Finance Bill of a new one percent stamp duty land tax (SDLT) surcharge on non-UK residents purchasing residential property in England and Northern Ireland.

Seychelles Seeks Input On Corporate Tax Regime Overhaul
Tuesday 16/7/2019
The Government of Seychelles has launched a consultation to seek views on an overhaul to the territory's business tax regime, with a new regime proposed to be implemented from 2020.