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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

Netherlands To Split Tax Agency
Wednesday 15/1/2020
On January 11, 2020, Dutch Minister of Finance Wopke Hoekstra informed the House of Representatives about the Government's plans to restructure the tax authorities.

Switzerland Simplifies Process For German WHT Refunds
Wednesday 15/1/2020
The Swiss Government has said that from January 31, individuals and legal entitles domiciled in Germany will be able to use an online Swiss application to request a refund of Swiss withholding tax.

Korea Enacts 2019 Tax Revision Bill
Wednesday 15/1/2020
The Korean Government has announced that the 2019 Tax Revision Bill was enacted on January 6, 2020, with a number of new measures added to the existing proposals.

IRS Launches Gig Economy Tax Center
Wednesday 15/1/2020
On January 9, 2019, the United States Internal Revenue Service announced the launch of a new Gig Economy Tax Center, which is intended to help taxpayers meet their tax obligations through more streamlined information.

Nigeria Offers Grace Period For Obtaining Tax Clearance Certificates
Wednesday 15/1/2020
The Executive Chairman of Nigeria's Federal Inland Revenue Service, Muhammad Nami, has signed a notice providing companies with an extra 30-day window to obtain a tax clearance certificate.

German FinMin Outlines 2020 Tax Changes
Tuesday 31/12/2019
The German Ministry of Finance has outlined a number of tax changes that are due to take effect in 2020 and 2021.

Luxembourg's 2020 Budget Approved By Parliament
Tuesday 31/12/2019
On December 19, 2019, Luxembourg's Chamber of Deputies approved the Government's Budget for 2020, which among other measures includes important changes to the validity of advanced tax rulings.

Tax Extenders Passed In US Spending Package
Monday 23/12/2019
On December 17, 2019, the United States House of Representatives passed a year-end spending package, which includes legislation extending numerous expired and expiring tax provisions, and repealing certain taxes introduced to help fund the Obamacare health care reforms.

Nigeria To Begin Tax Enforcement Campaign
Monday 23/12/2019
On December 17, 2019, Nigeria's Federal Inland Revenue Service issued a seven-day notice to tax defaulters and announced that it will soon begin a nationwide tax enforcement campaign in order to pursue those with unpaid taxes.

Belgium To Expedite VAT Refunds For Start-Ups
Tuesday 31/12/2019
On December 18, 2019, the Belgian Federal Public Finance Service announced that start-up companies can request accelerated refunds of value-added tax credits from January 1, 2020.