We deliver Master of the High Court and SARS compliance for our Trust clients
The administration of trusts in South Africa is governed by the provisions of the Trust Property Control Act, 57 of 1988. The Act provides for two types of trust, being inter-vivos and testamentary trusts. Inter-vivos trusts are registered with the Master of the High Court in the geography wherein the greatest portion of trust assets are situated. Testamentary trusts arise in death, through the vehicle of the will of the deceased (and hence the name “testamentary”).
The General Laws (Anti Money Laundering and Combating Terrorism Funding) Amendment Act impacts all inter-vivos trusts. It was signed into law in 2022 and came into effect on 1 April 2023 as a core pillar of South Africa’s strategy to improve the country’s grey listing status. The impact of this Amendment Act is to ensure a greater degree of transparency and reduce the scope for money laundering activities. Under the terms of these amendments, trustees are now required to maintain registers of beneficial ownership, record details of accountable institutions and lodge trust beneficial ownership declarations with the Master of the High Court.
Trust Beneficial Ownership Declarations
The Amendment Act, which came into effect on 1 April 2023, includes the introduction of a new S11A of the Trust Property Control Act (TPCA). In terms of this section, the trustee is required to:
- establish and record the beneficial ownership of the trust;
- keep a record of the prescribed information relating to the beneficial owners of the trust;
- lodge a register of the prescribed information on the beneficial owners of the trust with the Master’s Office; and
- ensure that the prescribed information referred to in paragraphs (a) to (c) is kept up to date.’
MMS Trust Services supports its clients with the compliance requirements above, including submissions to the Masters’ office in the prescribed format (to fulfil requirements of paragraph c above)
Easy declaration compliance with MMS Trust Services
The MMS Trust Services team offers the professional service of submitting trust beneficial ownership declarations for our clients, in the prescribed format.
R2,500 (ex VAT)
- Through our bespoke and easy-to-complete online portal, all information required by our team for your lodgement is assimilated through our website.
- Upon receipt of your trust information, our team commences compilation of your register.
- It is submitted once approved by you and upon submission of proof of payment of our fee.