Beneficial Ownership Disclosure and Trusts
Author: Aneria Bouwer
ISSN: 2219-1585
Affiliations: Senior Consultant, Bowmans Attorneys
Source: Business Tax & Company Law Quarterly, Volume 15 Issue 3, 2024, p. 1 – 8
Abstract
This article deals with the obligation of trustees to submit an electronic register of the beneficial owners of a trust to the Master of the High Court. The article explores the aim of these disclosure requirements and considers the application of the beneficial ownership definition in the Trust Property Control Act to employee share ownership plan trusts. The writer laments the fact that share ownership plans are not excluded from these disclosure obligations, taking into account the comprehensive tax reporting obligations of a share ownership plan.