by VDT Attorneys | Feb 6, 2025 | Beneficial Ownership, Trust, Wills and Trusts
Following these amendments to the Trust Property Control Act, the Master of the High Court published a directive on 17 October 2023, introducing a new platform for the submission of beneficial ownership (BO) registers by trustees. The consequence for non-compliance...
by VDT Attorneys | Dec 3, 2024 | Inter Vivos Trust, Testamentary Trust, Trust, Trustee Resignation
Section 21 of the Trust Property Control Act 57 of 1988 (“the Act”) allows trustees to resign at any time provided that written notice is given to the Master of the High Court as well as to ascertained beneficiaries with legal capacity. It is important to note that a...
by VDT Attorneys | Dec 3, 2024 | Capital Gains Tax, Conduit Principle, Trust
Trusts have a firm foundation in South African law. They are created where property or assets are transferred by a person (the founder) in favour of others (the beneficiaries). The property and assets are placed under the control of trustees who manage and administer...
by VDT Attorneys | Sep 3, 2024 | AML, Anti-money Laundering Amendment Act, Beneficial Ownership, Companies Act, Company, Trust
While proper administration of a trust has always been a duty of trustees, the manner in which the duty is discharged is now under scrutiny, particularly following the arrival of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act...
by VDT Attorneys | Apr 22, 2024 | AML, Beneficial Ownership, Reporting, SARS, Tax, Trust
The Amendment Act that came into effect on 1 April 2023 has introduced interesting changes relating to trusts in South Africa by amending amongst other things, the Trust Property Control Act (“Trust Act”), which now makes it a requirement for trusts to draw up a...
by VDT Attorneys | Apr 22, 2024 | Corporate, Corporate structuring, Estate Planning, Tax, Trust
A trust is a unique legal entity created to hold assets for the benefit of its beneficiaries. Trustees are entrusted to manage the trust’s affairs in favour of the beneficiaries according to the provisions of the trust deed. As a separate legal entity distinct...
