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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

Skilled Foreigners Being Turned Away For UK Visas
Monday 18/6/2018
Lower-paid medical practitioners are increasingly having their request for UK working visas rejected, as a result of immigration quotas.

Hong Kong Issues Tax Compliance Guide For Property Owners
Thursday 14/6/2018
On June 14, 2018, Hong Kong's Inland Revenue Department released guidance on the tax obligations of landlords.

Tax Deadline Approaching For Americans Abroad
Thursday 14/6/2018
The United States Internal Revenue Service has summarized the reporting and filing requirements for taxpayers living and working abroad, with the June 15, 2018, deadline for 2017 federal income tax returns now approaching.

First Tax-Deferred Pension Scheme Launched In China
Thursday 14/6/2018
China's Government announced recently that a local insurance company had issued the country's first tax-deferred pension insurance policy, saying it marked the beginning of tax-deferred pension plans in China.

Surveys Suggest Taxpayers Satisfied With TCJA, Says Hatch
Tuesday 5/6/2018
Both large and small businesses in the United States expect the measures included in the recently enacted tax reform legislation, the Tax Cuts and Jobs Act of 2017, to have a positive effect on their operations, according to Senate Finance Committee Chairman Orrin Hatch.

Australia Planning June Vote On Corporate Tax Cut Package
Monday 28/5/2018
The Australian Government will put its company tax reforms before the Senate in June, with the aim of securing a vote by the 28th.

US CPAs Recommend Easing Tax Rules On Partners Of Audited Firms
Tuesday 22/5/2018
The American Institute of Certified Public Accountants has recommended that proposed regulations regarding the Centralized Partnership Audit Regime should provide "maximum flexibility" in adjusting the tax attributes of an audited partnership and its partners.

UK Mulling Extending Recent IR35 Reforms To Private Sector
Tuesday 22/5/2018
On May 18, 2018, the UK Government launched a consultation on enhancing rules surrounding "off-payroll" working (the IR35 rules), to ensure that contractors who work through their own company pay the right tax.

Think Tank Argues Against UK 'Robot Tax'
Tuesday 29/5/2018
In a new report, the Institute of Economic Affairs in the UK has argued against the need for the UK to introduce a so-called "robot tax," on profits from automation.

HK's Legislature Passes 2018/19 Budget Bill
Thursday 17/5/2018
Hong Kong's Secretary for Financial Services and the Treasury, James Lau, has welcomed the recent passage of the 2018/19 Budget Bill through the special administrative region's parliament.