Print Page
News & Press: Opinion

Coronation, Allan Gray to launch tax-free savings accounts

Wednesday, 03 June 2015   (0 Comments)
Posted by: Author: Ingé Lamprecht
Share |

Author: Ingé Lamprecht (Moneyweb)

Within the next few months.

South Africa’s two largest unit trust managers plan to launch their own tax-free savings accounts (TFSAs) within the next few months.

When TFSAs were first introduced on March 1 this year, Coronation Fund Managers and Allan Gray did not offer any products in this space as it was still in discussions with National Treasury about the requirements.

TFSAs allow individuals to invest up to R30 000 per annum in a variety of asset classes. All proceeds on the underlying investments (interest, capital gains and dividends) are 100% tax-free. A lifetime capital contribution limit of R500 000 applies. The introduction of these vehicles is an effort by Treasury to encourage consumers to save and to reduce their financial vulnerability.

Richard Carter, director and head of product development at Allan Gray, says they are working on their own product, which he hopes will be available within the current tax year.

Please click here to read full article.

This article first appeared on



Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

  • Tax Practitioner Registration Requirements & FAQ's
  • Rate Our Service

    Membership Management Software Powered by YourMembership  ::  Legal