An important update regarding the amended Trust Property Control Act, Act 57 of 1998 (TPCA) was gazetted on Friday, the 31st of March 2023, with an effective date of 1 April 2023.
Trustees are now required to submit information about the people who benefit from trusts to the Master of the High Court. This information must be submitted on the Master's Portal, and failure to do so could result in fines of up to R10 million or 5 years in prison.
The information that must be submitted includes:
The name of the founder of the trust.
The names of the trustees.
The names of the beneficiaries.
The names of the guardians of any minor beneficiaries.
The physical and postal addresses, contact numbers, and email addresses of all beneficial owners.
Only a trustee or someone who has been authorized by the trustees can submit this information. Trustees are also required to keep certified copies of the ID documents of all beneficial owners.
This new requirement is part of the amended Trust Property Control Act, which was gazetted on March 31, 2023. The amended Act aims to improve transparency and accountability in the trust sector.