n Personal Finance Newsletter - Capital gains tax hiked : budget 2016
|Article Title||Capital gains tax hiked : budget 2016|
|© Publisher:||Moneyweb (Pty) Ltd|
|Journal||Personal Finance Newsletter|
|Publication Date||Mar 2016|
GOVERNMENT HAS proposed that the Capital Gains Tax (CGT) inclusion rate for individuals be raised from 33.3% to 40% from 1 March this year. The inclusion rate for companies will rise from 66.6% to 80%. "This will raise the maximum effective Capital Gains Tax rate for individuals from 13.7% to 16.4%, and for companies from 18.6% to 22.4%," the Budget Review indicated. The annual amount above which capital gains become taxable for individuals will increase from R30 000 to R40 000, while the effective rate applicable to trusts will rise from 27.3% to 32.8%.
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