n Personal Finance Newsletter - Hefty tax bills for trust property owners : tax

Volume 2005, Issue 299
  • ISSN :



Extracted from text ... 8 October 2005 Moneyweb's PERSONAL FINANCE FOR several years property buyers have avoided transfer duty by simply buying a trust that held a property thereby effecting transfer and avoiding transfer fees - but now the South African Revenue Service (SARS) has issued assessments against those who partook in the scheme which could leave them with massive tax bills. Corporate structures such as private companies or close corporations were also used in similar fashion, before the law was changed some years ago. The disposal of shares or members' interests in corporate structures that own property (defined in Section 1 of ..

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