The 2017 Budget speech was delivered on 22 February. It does not contain much that directly impacts the fiduciary industry.
The most important change is the increase to 45% of the tax rate applicable to trusts other than special trusts. The inclusion rate for capital gains has not been amended, but the increased tax rate for trusts means that the new effective rate of CGT for trusts is 36% (as opposed to a maximum effective rate for individuals of 18%).
No changes were made to estate duty or donations tax, but Minister Gordhan did mention that the Davis Tax Committee proposals on estate duty will be considered in the 2018 Budget
For more details on the Budget, please refer to the Budget 2017 Tax Guide – Download PDF.