GOOD NEWS FOR SOME PROPERTY BUYERS

Friday, February 27, 2015
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Finance Minister Nhlanhla Nene’s announcement regarding the new tax breaks for purchasing property will be welcomed by middle income buyers in South Africa. Transfer duty rates were last amended in February 2011. The revised transfer duty rates will apply to properties acquired under transactions concluded on or after 1 March 2015 by any person, including companies, close corporations or trusts. While these rates will ease the burden on the middle class buyers, they will not, however, favour the affluent buyer who will have to pay more.

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