TCSP guidance welcome, but grey areas remain, says FISA
It may not always be clear when someone has crossed the line into carrying on the business of creating a trust arrangement for a client.
SARS responds to reports of hackers accessing practitioners’ eFiling profiles, removing clients, and changing banking details.
Read moreIt may not always be clear when someone has crossed the line into carrying on the business of creating a trust arrangement for a client.
Trustees cannot be expected to have all the information within a few hours of the gazetting of the final regulations, it says.
One of the unforeseen consequences could be the premature acquisition of rights.
Trust practitioners are not happy that Treasury ‘ignored’ their proposals to undo the ‘devasting effects’ of the legislation.
Practitioners can get authority from the Master’s Office within weeks but battle for months for a response from some of the banks.
It says the amendment bill imports a foreign concept that is in conflict with South African trust and property law.