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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

UK Announces COVID-19 Tax Breaks To Stimulate Economy
Friday 10/7/2020
In a bid to reinvigorate the UK economy and buoy property prices, Chancellor Rishi Sunak has announced plans to slash the VAT rate for the hospitality sector and offer temporary stamp duty relief.

COVID-19: Belgium Clarifies Tax Deadlines For Non-Resident Individuals
Thursday 25/6/2020
On June 24, 2020, the Belgian Ministry of Finance issued a clarification of tax payment deadlines for non-resident individuals after the tax authority issued tax statements with the wrong due dates.

COVID-19: New Zealand To Waive Individual Tax Bills Up To NZD200
Thursday 25/6/2020
The New Zealand Government has announced that it will provide tax relief for low-income earners by waiving nominal tax debts.

France Provides SMEs With More COVID-19 Tax Relief Measures
Thursday 25/6/2020
The French Government has presented to the Council of Ministers a third amendment to the Finance Bill for 2020, which provides additional support for businesses affected by the COVID-19 outbreak.

Italian Tax Agency Summarizes New COVID-19 Tax Support Measures
Thursday 28/5/2020
On May 21, 2020, the Italian Revenue Agency issued a summary of additional tax measures in Decree 34/2020, which are intended to further support taxpayers affected by the COVID-19 virus.

US House Passes COVID-19 Stimulus Bill With Tax Measures
Thursday 28/5/2020
On May 15, 2020, the United States House of Representatives approved the HEROES Act, which amends previous COVID-19-related stimulus legislation by changing loss carryback rules and providing further tax support for businesses and individuals.

Switzerland Launches New Tax Burden Calculation Tool
Thursday 28/5/2020
The Swiss Federal Department of Finance has announced the launch of a new online tool for individuals taxpayers, which is being developed also for legal entities.

No New Tax Announcements In New Zealand's 2020 Budget
Thursday 28/5/2020
New Zealand's new 2020 Budget, announced on May 14, highlighted recently enacted tax measures and announced the creation of a new NZD50bn COVID-19 Response and Recovery Fund.

France Announces COVID-19 Tax Support For Wine Industry
Friday 15/5/2020
On May 11, 2020, the French Government presented a COVID-19-related economic support package targeted at the nation's wine industry, which includes relief from social contributions.

Malaysia Issues FAQs On COVID-19 Tax Residency Issues
Friday 15/5/2020
The Government of Malaysia has issued new FAQs on international tax issues relating to COVID-19 travel restrictions.