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STEP Jersey Webinar 9
Date: 8th July 2021
Speaker: Christian Armbruester (BLU Family Office)
Presentation: The Government Bond Conundrum
Webinar Presentation Summary:
For decades we have used government bonds to provide yield and protect our investment portfolios. However, with interest rates at rock bottom and inflation rearing its ugly head, is the party finally over? Join us, as we discuss the implications of investing into an asset class that is seemingly no longer fit for purpose. We will quantify the risks and explore the opportunities in a brave new world.
STEP Jersey Webinar 8
Date: 30th June 2021
Speaker: Geoff Cook (Geoff Cook Advisory)
Presentation: OECD Base Erosion and Profit Shifting (BEPS) Pillar I and Pillar II
Webinar Presentation Summary:
The G7 Finance Ministers 5th June meeting appeared to deliver a strong consensus on the future of Global Business Taxation.
Is the Global tax system about to be up ended
Is this the end of 0/10
What does it mean for IFCs
Geoff Cook will provide his personal assessment of the implications of the G7 accord on business taxation.
STEP Jersey Webinar 7
Date: 26th May 2021
Speakers: Andrew Mitchell (Equilibrium Futures)
Jason Jones (TEAM)
Presentation: ESG Investing - Boom or Bubble?
Webinar Presentation Summary:
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Covering the rise of ESG and Sustainable Investing as a thesis and why this is happening. Regulatory drivers and reporting drivers too + increasing investor appetite.
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ESG investing in the real world
STEP Jersey Webinar 6
Date: 27th April 2021
Speakers: Diane Maxwell, Tim Butlin, Caroline Morgan and Kathryn Campbell, (JFSC)
Presentation Summary: Annual Regulatory JFSC Update
Webinar Presentation Summary:
08:30 – Welcome from the Chair
08:35 – JFSC, the year that was 2020 and moving forward, Diane Maxwell
08:50 – Q&A with Diane
08:55 – Remote exams and the importance of feedback papers, Tim Butlin
09:25 - Q&A with Tim
09:30 – An update from Registry, Kathryn Campbell
09.55 – Q&A regarding Registry
10.00 – NRA, what is happening now, Caroline Morgan
10.25 – Q&A
10.30 – Close
STEP Jersey Webinar 5
Date: 25th March 2021
Speakers: Yann Mrazek, M/HQ (Dubai)
Presentation Summary: UAE Foundation Regimes: Introduction & Practical Overview
Webinar Presentation Summary:
The UAE has launched Foundation Regimes in both Abu Dhabi Global Market and the Dubai International Financial Centre. A substantial wave of restructuring of both businesses and real estate is on the way domestically using Foundations. The Seminar will look at both regimes’ key features and their similarities and differences with other well-established regimes. It will also discuss the practical impact of these new tools locally and regionally.
You Asked, We Answered
If you have a question please email us and we will ask the speakers to do their best to answer, and post both Q&A here.
STEP Jersey Webinar 4
Date: 11th March 2021
Speakers: Katherine Neal, Ogier Jersey, Chris Hards, Ogier Guernsey and Chris Levers, Cayman
Presentation Summary: Ogier cross-border webinar - Top Fiduciary Questions 2020
Webinar Presentation Summary:
Katherine Neal (Jersey), Chris Levers (Cayman) and Chris Hards (Guernsey) will give an overview of the top questions their private wealth teams have been asked in relation to the fiduciary sector over the past 12 months.
You Asked, We Answered
If you have a question please email us and we will ask the speakers to do their best to answer, and post both Q&A here.
STEP Jersey Webinar 3
Date: 26th February 2021
Speakers: Dawn Register and Neil Rogers, BDO LLP
Presentation Summary: CRS data and HMRC activity in 2021
Webinar Presentation Summary:
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HMRC data mining and using CRS data in practice
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HMRC new ‘nudge’ letters in 2020-21
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Ignore, panic or reply?
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Common errors for trustees and how to resolve
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Closing down enquiries
You Asked, We Answered
If you have a question please email us and we will ask the speakers to do their best to answer, and post both Q&A here.
STEP Jersey Webinar 2
Date: 11th February 2021
Speakers: Nicholas Holland, McDermott Will & Emery, Dr Ruzhen Li, Enhance Group and
Siobhan Riley, Carey Olsen
Presentation Summary: Anti-Bartlett Clauses, Zhang Hong Li and Others v. DBS Bank (HK Ltd)
Webinar Presentation Summary:
Why the decision may not be as helpful for trustees as many think
A case study which covers capacity, disclosure, conflict of interest and settlement issues.
You Asked, We Answered
If you have a question please email us and we will ask the speakers to do their best to answer, and post both Q&A here.
STEP Jersey Webinar 1
Date: 14th January 2021
Speakers: Adam Carvalho, Charlotte Fraser and Joanna Poole. Farrer & Co. LLP
Presentation Summary: Practical Analysis of Common Issues in Family Trust Disputes
Webinar Presentation Summary:
A case study which covers capacity, disclosure, conflict of interest and settlement issues.
You Asked, We Answered
The following questions were submitted during the above presentation and answered by the speakers.
Please watch the webinar to hear their responses.
If you have a question please email us and we will ask the speakers to do their best to answer, and post both Q&A here.
Ant Bartlett: You mentioned that a Trustee cannot rely unless you have actual knowledge to investigate. Does Bella's letter force the Trustees to investigate?
Ant Bartlett: What would the position be if the TCSP acted as both Trustee of the Trust and Corporate Directors of the underlying companies?
STEP Jersey Webinar 8
Date: 10th December 2020
Speakers: David Gibson and Clive Curd. Veritas Advisory
Presentation Summary: Capital Allowances for Offshore Investors
The webinar covers the following topics in these areas:
• Capital Allowances Basics & Benefit
• Key Considerations when Developing, Refurbishing, Buying & Selling Property
• Why Capital Allowances Have Increased Importance for Offshore Investors
• Tax Planning for Future CGT and Taxable Income
• Case Studies for Offshore Investors – Impact of Capital Allowances on Investment Return
• Recent Case Law
You Asked, We Answered
The following questions were submitted during the above presentation and answered by the speakers.
Please watch the webinar to hear their responses.
If you have a question please email us and we will ask the speakers to do their best to answer, and post both Q&A here.
A standard response from vendors is that there are no capital allowances,
what should you do in this situation?
Do capital allowances increase capital gains tax?
STEP Jersey Webinar 7
Date: 10th November 2020
Speaker: James Stevens, Harry Lawson, Mike Pape and Matt Maltby. Deloitte LLP
Presentation Summary: Domicile and Residence Update and the Impact of COVID-19
Topic: UK Tax updates and recent HMRC trends.
You can watch the webinar below, as well as download the slides and reading material provided.
You Asked, We Answered
The following questions were submitted during the above presentation and answered by the speakers. Please watch the webinar to hear their responses.
If you have a question please email us and we will ask the speakers to do their best to answer, and post both Q&A here.
Is there a requirement to register again under the 5th AML legislation? What are the other annual registration considerations for trustees?
Offshore trustees doesn't have a National Security Number/TIN or such which was causing difficulties in the past with registrations. Is it now possible for offshore trustees to make a submission to the register?
What are the Revenue looking at in respect of trust tainting currently?
STEP Jersey Webinar 6
Date: Friday 23rd September 2020
Speaker: Amanda Hardy QC, 5 Stone Buildings
Presentation Summary:
An update on recent domicile cases and hot topics including Henkes, Levy and Embiricos and the new approach to citizenship, the Statutory Residence test and Covid 19, what to do if you are stuck here or abroad; HMRC exceptions.
You can watch the webinar below, as well as download the slides and reading material provided. For the password please email Louise - step@stepjersey.org
You Asked, We Answered
The following questions were submitted during the above presentation and answered by the speakers. Please watch the webinar to hear their responses.
If you have a question please email us and we will ask the speakers to do their best to answer, and post both Q&A here.
Regarding domicile enquiries made to the courts, what impact has COVID had on the length of time these enquiries take to reach a conclusion - has this decision making been delayed?
STEP Jersey Webinar 5
Date: 17th September 2020
Speaker: Tony Shiplee, Amanda Reilly, Olenka Apperley and Caroline Morgan, JFSC
Presentation Summary: Regulatory Update: Data, Financial crime, Fintech and Industry Engagement
The JFSC team present:
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An overview of key points and themes identified from the supervisory risk data collection exercise
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A summary the Financial Crime Examination Unit activity
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An explanation of the JFSC’s Fintech and Innovation Report 2019
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How the JFSC intends to evolve its external engagement to optimise interaction with industry
You can watch the webinar below, as well as download the slides and reading material provided. For the password please email Louise - step@stepjersey.org
JFSC SLIDES
TONY SHIPLEE
Head of Relationship Managed Supervision, IB and TCB
Regulatory update: Data and risk-focused supervision
AMANDA REILLY
Head of Examinations
Regulatory update: Financial Crime Examination Unit
OLENKA APPERLEY
Advisor, Policy
Regulatory update:
Fintech and Innovation
CAROLINE MORGAN
International and Industry Engagement Coordinator
Regulatory update: Industry engagement
STEP Jersey Webinar 4
Date: 27th August 2020
Speaker: Isobel Morton & Iskra Doukova, Macfarlanes
Presentation Summary: Navigating 5MLD Increasing Transparency of Beneficial Ownership and the Changing Nature of the Business Relationship
5AMLD is expected to increase the number of trusts on the UK trust register from 200,000 to 2 million.
In this seminar, Isobel and Iskra will explore what they know so far, how 5AMLD is being implemented in the UK and elsewhere and what remains to be seen, including:
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Widening the scope of registrable trusts: removing the tax link; and when a “business relationship” in a Member State triggers registration
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Who can access information and how: definition of “legitimate interest” and wider access regarding trusts with a “controlling” stake in non-EEA companies
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Penalties
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Impact on client relationships
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Extending the scope to additional service providers
You can watch the webinar below, as well as download the slides and reading material provided. For the password please email Louise - step@stepjersey.org
You Asked, We Answered
The following questions were submitted during the above presentation and answered by the speaker. Please watch the webinar to hear his response.
If you have a question please email us and we will ask the speaker to do their best to answer, and post both Q&A here.
Do you know if the other EU jurisdictions implementing 5AMLD are using the original version that the UK were planning for the business connection i.e. no other connection needed?
You Asked, We Answered
The following questions were submitted during the above presentation and answered by the speaker. Please watch the webinar to hear his response.
If you have a question please email us and we will ask the speaker to do their best to answer, and post both Q&A here.
STEP Jersey Webinar 3
Date: 13th August 2020
Speaker: Edward Hayes, Burges Salmon
Presentation Summary: Data Protection and Trusts
Edward will also discuss what is likely to happen at the end of the Brexit transition period and why Jersey trustees should feel comfortable using UK legal advisers despite the Dawson Damer judgements.
STEP has been in discussions with the ICO concerning the application of the GDPR to trustees and personal representatives. The ICO has now responded to some of STEP’s questions and this talk will go over the key points coming out of this.
You can watch the webinar below, as well as download the slides and reading material provided. For the password please email Louise - step@stepjersey.org
Reference protectors who will hold personal data necessary to take protector decisions.
Should they have in place DP agreements with the trustees who provide the information to them and should the protectors send DP notices directly to the beneficiaries?
Indeed are protectors “providing services” to beneficiaries who are data subjects ?
Storage of data, if it is held on a database must you actively delete the records when you connection to the individual has gone or can it simply be marked as inactive?
STEP Jersey Webinar 2
Date: 30th June 2020
Speaker: Edward Reed, Jonathan Arr, Elizabeth Doherty and Richard Giangrande, Macfarlanes
Presentation Summary: Fiduciaries in Lockdown: meeting the challenges raised by COVID-19
For trustees, who have to manage investments and assets, care for their beneficiaries, and ensure their own businesses continue to operate, the present situation gives rise to some unique challenges. At the same time, trusts are uniquely designed for times of crisis and (from another perspective) trustees should simply still be doing what they have always done.
With that in mind and as trusts come into their own, our private client and contentious trusts teams propose a short, practical guide setting out some of the issues which trustees might find it helpful to consider, and explaining how they might protect their beneficiaries and themselves in uncertain times.
You can watch the webinar below, as well as download the slides and reading material provided.
You Asked, We Answered
The following questions were submitted during the above presentation and answered by the speakers. Please watch the webinar to hear their responses.
If you have a question please email us and we will ask the speaker to do their best to answer, and post both Q&A here.
Presumably the track record of investment monitoring should be for the entire period, not just from the point in time of a severe market downturn, but what additionally should they do to reflect the current severe time?
Whilst the trustee may have mitigated its obligations and duties through a carefully worded anti Bartlett / special assets clause, but the possibility to approach the Court remains an option, doesn’t this mean the trustee should always approach the Court where it feels the losses are too high, or the family too emotionally attached to an investment?
Is a protector committee considered a controller of a trust and reportable just as an individual protector would be?
Do you agree with laws being changed, as they have in Jersey, to allow for Wills (and other documents) to be validly completed and witnessed by using video-link? What risks do you think are involved with this and what steps would you suggest to minimise these?
Do you have any experience of how a revenue authority might view someone who knowingly become stranded in a place they might prefer to be perhaps by travelling there before any lockdown restrictions were in place such that they couldn't leave once lockdown commenced?
STEP Jersey Webinar 1
Date: 25th June 2020
Speaker: Harriet Brown, Old Square Tax Chambers
Presentation Summary: Taxation of Non-Resident Landlords: a New Landscape
In April this year, a number of changes were introduced to the taxation of UK property held by non-residents. The changes include the taxation of rental income received by non-resident corporate landlords under corporation tax instead of income tax, with effect from 6 April 2020.
Harriet Brown will review the new requirements alongside the existing principles, and identify areas which trust and company providers should be cognisant of when dealing with UK property ownership through their structures.
You can watch the webinar below, as well as download the slides and speaker notes.