Davis Tax Committee recommendations on estate duty
The Davis Tax Committee published its Second Interim Report on Estate Duty on 24 August 2016.Some of the recommendations include:
- Further investigation to be conducted into the implementation of wealth taxes in SA.
- Donors and beneficiaries of all vested trust arrangements should be subject to stricter disclosure requirements and enforcement measures.
- Only where a trust deed confers upon its beneficiaries an indisputable and irrevocable vested right to both the capital and income of a trust should the income, both capital and revenue, be taxed in the hands of the beneficiary.