The Department of Justice and Constitutional Development moved last Friday to resolve the confusion surrounding the use of revenue stamps as payment for registering trust deeds at the Master’s Office, but the Fiduciary Institute of South Africa (FISA) says the proposed solution is inadequate.
The Stamp Duties Act was abolished with effect from 1 November 2009, but no alternative payment measures had been put in place for registering trust deeds and obtaining certified copies of documents already lodged with the Master’s Office.
A directive from the justice department on Friday made provision for payment at the cash halls of magistrates’ courts or, more conveniently, by direct bank deposit. FISA welcomes this development but points out that trust registrations paid for in this manner are not legally valid until the existing regulations to the Trust Property Control Act are amended to remove any reference to payment by way of revenue stamps.
FISA secretary Aaron Roup says: “This is a simple procedure which requires the signing of a proclamation by the Minister of Justice followed by publication in the Government Gazette. FISA is willing to help draft such a proclamation.”