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Interest free loans to trusts

20 February 2017

New tax provisions, set out in section 7C of the Income Tax Act, 1962 (“Act”), relating to interest free or low interest loans to trusts come into effect on 1 March 2017. The new law applies to any loan, advance or credit (“loan”) made to a trust by:

Notification of event likely to give rise to a claim requires at least 50% chance of claim (UK case)

17 February 2017

The policy obliged the insured to ‘give notice in writing to the insurer as soon as possible after the occurrence of any event likely to give rise to a claim with full particulars thereof’. An employee was injured at work using a gun for attaching wire together on 22 September 2011. At the time of the accident it was not asserted that the manufacturer of the gun was to blame. A letter of demand in this regard was only received by the manufacturer on 18 July 2013. On 22 July 2013 the manufacturers notified their broker of the threatened claim who in turn notified the insurer.

The devil is in the detail: National minimum wage

14 February 2017

Deputy President Cyril Ramaphosa last week announced that representatives of government, business, the community sector and two of the three labour federations represented at The National Economic Development and Labour Council (Nedlac) have concluded an agreement on the introduction of a National Minimum Wage (NMW).

Trusts – the new position

13 February 2017

On 19 January 2017 the Taxation Laws Amendment Act, No 16 of 2016 (2016 Amendment Act) came into effect. The 2016 Amendment Act introduced s7C into the Income Tax Act, No 58 of 1962 (Act) which provision will come into effect on 1 March 2017. Section 7C will bring about some important changes to the tax dispensation applicable to trusts.

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Do you think short-term insurance broking will survive the AI plus humanoid robotics age?

Answer

Human first always Not a chance Possibly maybe Yes, but reimagined

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