After government promulgated onerous amendments to the Trust Property Control Act (TPCA) on December 22, 2022 (which were gazetted on December 29) and issued Regulations for its implementation on March 31, 2023, effective from April 1, 2023, trustees (often laypersons) are scrambling to comply with the new requirements.
Well, that is true for those trustees who are aware of the new requirements. Those who are not aware, and those who believe the government will (similar to the introduction of other new legislation) not enforce the new legislation, may be disillusioned soon, as they may be liable for a fine of up to R10 million, or imprisonment for up to five years, or both.
The hysteria caused several service providers to offer, as a solution, to have a one-off beneficial ownership…