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SARS Resurrects Old Guide On Property Transfers

by Lorys Charalambous, Tax-News.com, Cyprus

28 January 2016


While it is no longer possible to transfer a residence from a company or trust to an individual tax-free, the South African Revenue Service has resurrected its previous guide on the topic, as it could still be useful for taxpayers in determining the consequences of transfers prior to December 31, 2012.

Generally, the guide deals with the windows of opportunity that were available in 2002 and 2012 for the disposal of a residence from a company or trust into the hands of individuals free of transfer duty, capital gains tax (CGT), secondary tax on companies (STC), and dividends tax. The transfer duty and donations tax consequences are also examined.

The South African tax code now provides that, generally, only an individual is entitled to disregard the whole or a portion of the capital gain or capital loss on the disposal of his or her primary residence. However, historically, many individuals decided to purchase their residences in companies or trusts for a variety of other reasons, including protection from creditors, and the avoidance of transfer duty and estate duty.

TAGS: individuals | capital gains tax (CGT) | South Africa | compliance | tax | business | tax compliance | interest | revenue guidance | law | trusts | tax authority | legislation | tax breaks | dividends | legislation amendments | Africa

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