Tax Relief for Residential Property Owners

Private Property South Africa
Karien Hunter

The South African Revenue Service (SARS) has introduced tax relief for home owners who own their primary residence through a trust, CC or company. Home owners can now transfer property owned through a trust, CC or company into their own names, free of Transfer Duty, Secondary Tax on companies or Capital Gains Tax – provided that the home owners have financed the acquisition of the property owned by the trust, and in the case of a member of the CC or company, are a shareholder or member of such CC or company. In the event of a property owned by a company or CC, the property may also be transferred to the spouse of such member or shareholder, even if the home owner is married to their spouse out of community of property. This relief is unfortunately not available to farmers, as the property must be less than 2 hectares in extent to qualify for the tax relief. Home owners have until 31 December 2011 to register transfer in terms of these provisions. Karien Hunter is a respected property lawyer, and the founder of AMC Hunter Inc

Looking to sell your home?
Advertise your property to millions of interested buyers by listing with Private Property now!
List your home privately

Share:

Found this content useful?

Get the best of Private Property's latest news and advice delivered straight to your inbox each week

Related Articles

Private Property Culture and Careers
Private Property is South Africa’s leading property website, find out more about our culture, teams and working with us.
11 home hacks to help keep your home clean for less
We’ve searched the web and found some brilliant cleaning hacks to make cleaning simpler and cheaper.
16 ways to save money on your grocery bill
These days, it feels like every trip to the supermarket costs us more. If you’re looking at ways to save on ever increasing grocery bills, these tips will help.
Val de Vie Estate
Val de Vie Estate, South Africa’s first and only Wine and Polo Estate has a selection of property that will appeal to the discerning home buyer.
;