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Budget 2016

25 February 2016

The current (2015/2016) Transfer duty rates remain the same, with one exception.  Properties with a value above R10 million will attract Transfer duty at a rate of 13% as opposed to the current 11%. 

Transfer duty rate adjustments, 2016/2017

Property value (R) Rates of tax
R0 - R750 000 0% of property value
R750 001 - R1 250 000 3% of property value above R750 000
R1 250 001 - R1 750 000 R15 000 + 6% of property value above R1 250 000
R1 750 001 - R2 250 000 R45 000 + 8% of property value above R1 750 000
R2 250 001 - R10 000 000 R85 000 + 11% of property value above R2 250 000
R10 000 000 + R937 500 + 13% of property value above R10 000 000

 

While the maximum effective rate of capital gains tax has also been increased: 

Legal entity 2015 2016
Individuals and special trusts 13.65% 16.4%
Companies 18.65% 22.4%
Other trusts 27.31% 32.8%
     

To read all documents relating to the budget go to National Treasury Department and for a summary see the Budget Pocket Guide 2016-2017

The popular Tables of Costs for Conveyancing - ready reckoner will be updated and published next week to reflect the transfer duty rates which come into effect on 1 March 2016.

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