Hi DaveOriginally Posted by Dave A
Follow this link for the full report but here's the definition:
3.1
Definition of “special trust”
A “special trust” as defined in section 1 of the Act, with effect from the 2003 year of assessment, means -
“a trust created -
(a) solely for the benefit of a person who suffers from –
(i) any “mental illness” as defined in section 1 of the Mental Health Act, 1973 (Act No. 18 of 1973); or
(ii) any serious physical disability,
where such illness or disability incapacitates such person from earning sufficient income for the maintenance of such person, or from managing his or her own financial affairs: Provided that where the person for whose benefit the trust was so created dies, such trust shall be deemed not to be a special trust in respect of the years of assessment ending on or after the date of such person’s death; or
(b) by or in terms of the will of a deceased person, solely for the benefit of beneficiaries who are relatives in relation to that deceased person and who are alive on the date of death of that deceased person (including any beneficiary who has been conceived but not yet born on that date), where the youngest of those beneficiaries is on the last day of the year of assessment of that trust under the age of 21 years.”
Reply With Quote
Did you like this article? Share it with your favourite social network.