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17 April 2008

Property taxes you should not be deducting
Moneyweb - South Africa

Dear MoneywebTax
I am new to the website and am not sure if a general tax question can be posed or not. It might be of interest to others! If not please ignore. Thanks.

In a nutshell, I bought investment property and funded it via a bank bond. I duly set off interest against rental income until I got money from the sale of our primary residence (registered in wife's name) and repaid the bond. I now wish to "repay" this loan I essentially took from my wife and redraw against the original bonds but have been told the interest is no longer tax deductable.

PS. Wwould the position be any different if I had paid off the bond from my own surplus cash resources?
Moneyweb

Interest rates knock house sales - Alliance
Business Day - South Africa
The interest rate hike last week has had an immediate negative effect on property values across the board and is also likely to result in a further increase in liquidations in the short term, says the Alliance Group auction house.

CEO Rael Levitt said yesterday that the group had noticed "even more valuation decreases in the residential property market and certain sectors of the commercial market".
"We have noticed a decline in values on our auction floors, but it is still too early to provide an exact percentage," said Levitt.

He said there had been a definite increase in "distressed" house sales in recent months.
"In one month, from February to March this year, there was a 56% increase in liquidations of companies and personal insolvencies. We expect this trend to continue in the short term," said Levitt.
Business Day

Deregulated systems preferable to notaries
Aboutproperty - UK
A European Commission (EC) study has found deregulated legal systems are preferable to their notary counterparts for consumers in terms of price and choice of conveyancing services.

Following a first-of-its-kind study across 21 European Union nations examining the cost and performance of conveyancing services, a deregulated system, such as that employed in England and Wales, was found to be cheaper and more efficient.

Conveyancing services comprise, for example: pre-contract searches; transfer deed drafting; signature certification; and deed registration in the Land Registry.

The research found the deregulated system in England and Wales was cheaper than the Latin notary system used across most of continental Europe and also secured strong assessments in terms of quality of service.
Aboutproperty

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