TRANSFER DUTY RELIEF | Mulligan Real Estate

By: Mulligan Real Estate  11-11-2011
Keywords: Real Estate

TRANSFER DUTY RELIEF

Posted: 24th February 2011

The Minister of Finance announced the department's intention to give transfer duty relief in respect of the acquisition of immovable property on or after 23 February 2011. The new rates will be formally effective once the amendment to the relevant taxation laws is enacted, which will be done with retropspective effect from the 23rd onwards. Note that the new rates will apply to all transactions which are not subject to VAT, i.e. it will apply whether the purchaser is a natural person or an entity. Value of property R0 - R600 000 Rate: 0% | Value of property R600 001 - R1 000 000 Rate:3% of the value above R600 000 | Value of property R1 000 001 - R1 500 000 Rate: R12 000 plus 5% of the value exceeding R1 000 000 | Value of property R1 500 001 and above Rate: R37 000 plus 8% of the value exceeding R1 500 000

Posted by: Mulligan Real Estate

Keywords: Real Estate

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