n Personal Finance Newsletter - CGT reduces its bite : budget 2006 special




Extracted from text ... BUDGET 2006 SPECIAL CGT reduces its bite There can be fewer taxes that have caused more gnashing of teeth amongst South African taxpayers than Capital Gains Tax (CGT). However, this Budget has reduced the bite of this tax ... a little, at least. By STEVEN JONES CAPITAL GAINS TAX was introduced on 1 October 2001, and for individuals, this means that 25% of capital profits are to be included in their taxable income, resulting in a tax liability of between 41/2 and 10%, depending on their marginal rate of tax. However, there were always certain exemptions from CGT. The ..


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