STEP Journal: Issue 1, 2022

Monday, 07 February 2022
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Welcome to Issue 1 of the STEP Journal. In this issue, we shine a spotlight on the UK region, with legislative updates, HMRC guidance and the latest must-know case law. We also explore the world of philanthropy and charity, focusing on legacy issues, private foundations and alternative structures.


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Foreword: The global COVID-19 pandemic has brought challenges aplenty, as well as opportunities that no one could have predicted. Such times lead to reflection, particularly at the start of a new year when the tradition is to make resolutions for the coming period
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Board elections | Founder’s Awards | Diary dates | Vacancies
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Dan Jolliffe stresses the differences between Shari’a-compliant and environmental, social and governance investing
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Janine Mayor stresses the importance of employers providing a firm footing for new starters
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An introduction to STEP’s guiding principles on EDI
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Xavier Isaac TEP reviews Family Business and Responsible Wealth Ownership – Preparing the Next Generation, edited by Iraj Ispahani
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As the definition of ‘family’ changes in the modern era, Helen Swire examines how practitioners and jurisdictions are adapting
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Employer Partners explain what STEP has done for their businesses and discuss its role in shaping the industry
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Retired STEP member Derek Sambrook congratulates STEP on its anniversary  milestone
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Paul Carberry explains how the UK’s Pension Schemes Act 2021 strengthens the power of regulators in relation to defined benefit pension schemes
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Anita Clifford discusses account forfeiture and settlement negotiations, following two recent cases in the UK
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Zoe Wyatt summarises the key insights in HMRC’s new guidance on crypto‑assets, which outlines tax considerations for cryptocurrency holders in the UK
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Dion Laycock explores how tax investigations in the UK have evolved following the publication of the Panama and Pandora Papers
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Mark Pearce considers how ultra vires loans can give rise to inadvertent remittances in the UK
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Helen Swire examines recent trends in regulation, compliance and taxation in Africa and the Middle East
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Tsitsi Mutendi, James Grubman and Dennis T Jaffe highlight the trend of African family businesses turning to Asia to prepare the next generation for succession
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Steve Sokić on protecting and preserving the wealth of global UHNW clients post‑pandemic
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Susan Johnson and Lucinda Brown explore the tax reliefs available for objects of local or national importance in England and Wales
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Suzanne M Reisman assesses the effect of the programme‑related investment on the cross‑border impact investing landscape, with an emphasis on the US
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Jennifer Emms and Hannah Blakey consider the steps to take before accepting the role of a charity trustee in England and Wales
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Antonia Mitchell explores the potential pitfalls of a philanthropic  legacy
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Nick Murphy summarises the UK’s latest environmental targets and legislation
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Siobhan Moret, Frédéric Ragno, Judith Chatoo and Claire Wills lay out three structures for achieving the goals of philanthropic families
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Maurizio Di Salvo and Piergiorgio Brugnara call for a new Italian tax policy environment in the age of digital financial assets and cryptocurrency
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Bernadette Carey and Chris Duncan provide guidance to help trustees of Cayman Islands trusts manage disputes
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Stephen Alexander and Paul Lewis explain the risks of backdating trust documents, following a recent Jersey case
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Patricia Wass TEP, a mental capacity consultant at Enable Law in the UK, has moved her way through the ranks of STEP by joining her local committee, sitting on the STEP Council and Board, before being appointed worldwide Chair. Patricia has recently been recognised for her dedication to the Society with a Lifetime Achievement Award and a Founder’s  Award.
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