Posted on

Permanent beneficial ownership register introduced

The acting Chief Master, Ms Penny Roberts, issued Chief Master’s Directive (CMD) 8 of 2023 on 17 October, setting out the process to decommission the temporary Google based Beneficial Ownership Register for trusts and replace it with a newly developed permanent register.

The newly introduced section 11A of the Trust Property Control Act, 57 of 1988, places the obligation on each trustee of a trust to record and lodge with the Master the prescribed details of all founders, trustees and named beneficiaries of such a trust.

Click here to access CMD8 of 2023.

Trustees should pay particular attention to the contents of paragraph 3 of the directive.

Click here to access our previous item posted on 5 April 2023 containing the amendments to the Trust Property Control Act, as well as the regulations.