n Personal Finance Newsletter - Tax shock for corporate home-owners : tax

Volume 2006, Issue 309
  • ISSN :



Extracted from text ... TAX INVESTMENT STRATEGY NEWSLETTER UNLESS you live in one of those fabulously opulent homes featured on Top Billing each week, you have probably not given Capital Gains Tax (CGT) too much thought. The reason for this is that the first R1.5 million of gains on the sale of your home is exempt from this tax. However, many people own their home through a CC, private company, or trust. The main reason was estate planning, although at one time there was a loophole (subsequently closed by SARS) under which such properties could be sold without incurring transfer duty. If this ..

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