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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

Australian Tax Agency Announces Virtual Currency Tax Focus
Wednesday 9/6/2021
The Australian Taxation Office has expressed its concern that some taxpayers do not fully understand the tax implications of cryptocurrency gains.

Bahamas Announces Various VAT Changes In New Budget
Wednesday 9/6/2021
The Bahamas Government has announced various changes to its value-added tax regime in its new Budget, focusing on the real estate sector, including for sharing economy platforms.

Hong Kong Issues Tax Returns For Individuals
Wednesday 12/5/2021
On May 3, 2021, the Hong Kong Inland Revenue Department issued over 2.62 million tax returns for individuals for the year of assessment 2020-21.

Countries Discuss Post-Pandemic Tax Agenda At UN Council Meeting
Wednesday 12/5/2021
Experts speaking at the UN's Economic and Social Council's annual Special Meeting on International Cooperation in Tax Matters concluded that the international community must do more to tackle tax base erosion and profit shifting and offshore tax evasion.

China Halves Corporate Tax For Smallest Businesses
Thursday 15/4/2021
Chinese authorities have announced enhanced temporary tax breaks for small businesses.

US IRS Reminds Of FBAR Filing Obligation
Thursday 15/4/2021
The Internal Revenue Service is reminding US citizens, resident aliens, and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021.

Hong Kong Issues 2020-21 Tax Returns
Tuesday 6/4/2021
On April 1, 2021, the Hong Kong Inland Revenue Department began issuing profits tax, property tax, and employer's returns for the year of assessment 2020-21.

UAE Sets Out VAT Rules For Social Media Income, Performers
Friday 19/3/2021
The United Arab Emirates' Federal Tax Authority has released a bulletin highlighting the value-added tax rights and obligations of performers and those who earn income from online platforms.

Singapore Explains Changes To 2021 Tax Filing Rules
Wednesday 3/3/2021
The Inland Revenue Authority of Singapore has said that it will be sending tax bills directly to certain taxpayers this tax filing season and will be simplifying filing arrangements for the self-employed.

Hong Kong Announces Tax Relief In 2021-22 Budget
Wednesday 3/3/2021
Hong Kong will grant taxpayers a waiver of up to HKD10,000 (USD1,290) of profits tax, salaries tax, and tax under personal assessment, the territory announced in its 2021-22 Budget.