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CONTENTS


Regional focus Crown Dependencies


46 49


IDENTITY POLITICS: WHY THE CROWN DEPENDENCIES NEED TO CHANGE


46 Live in the moment Peter Murley’s call to arms


49 Location taxation Lucia Perchard establishes how a new UK property tax will aff ect the Channel Islands


BUILDING BLOCKS: HOW UK PROPERTY TAX WILL AFFECT CHANNEL ISLAND HOLDINGS


53 Finding a purpose Steve Meiklejohn explores Jersey’s Trusts (Amendment No. 5) (Jersey) Law 2012


57 Benefi t test Robert MacRae and Andreas Kistler on the consequences of Jersey’s X Trust decision


61 A winning system Gary Hepburn demonstrates how the Isle of Man has made online gambling a cornerstone of its economy


65 Years of progress Michael Betley describes the history and future of Guernsey’s managed services industry


Features


68 Final verdict Kurt Rademacher, Samantha Moore and Sloane Jumper comb through the fi nal FATCA regulations


74 The ages of wealth Alistair Cunningham’s guide to pension lump sum death benefi ts


68


77 Gifts that keep on giving Why Simon Weil longs for the introduction of UK living legacies


FOLLOW THE MONEY AS FATCA BEGINS TO TAKE HOLD


78 Cash crash


Dermot Hamill on the infl ationary risks of leaving wealth in the form of bank savings


STEP Society of Trust and Estate Practitioners,


Artillery House (South), 11-19 Artillery Row, London SW1P 1RT t +44 (0)20 7340 0500; f +44 (0)20 7340 0501 www.step.org www.twitter.com/STEPsociety Managing Editor Louise Polcaro e editor@step.org Lead Editor Stephen Arthur Editorial Board Stephen Arthur, Stanley A Barg, Aileen Barry, Nicholas Dale, Thomas Dumont, Chris Erwood, Martyn Gowar, Rosemary Marr, Simon Rylatt Read more about the editorial board members at www.stepjournal.org/editorialboard


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Contributions The Managing Editor welcomes articles, letters and other forms of contribution for publication in the STEP Journal and reserves the right to amend them. © 2013 Society of Trust and Estate Practitioners. All rights in and relating to this publication are expressly reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means without written permission from the Society of Trust and Estate Practitioners (STEP). The views expressed in the STEP Journal are not necessarily those of


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STEP and readers should seek the guidance of a suitably qualifi ed professional before taking any action or entering into any agreement in reliance upon the information contained in this publication. Whilst the publishers have taken every care in compiling this publication to ensure accuracy at the time of going to press, neither they nor STEP accept liability or responsibility for errors or omissions therein however caused. STEP does not endorse or approve any advertisement and has no liability for any loss caused by any reliance on the content of any such advertisement.


Print Wyndeham Southernprint Average net circulation July 2011 to June 2012: 17,186


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