n Tax Breaks Newsletter - CGT relief for owners when selling a small business : capital gains tax

Volume 2005, Issue 237
  • ISSN :



Extracted from text ... CAPITAL GAINS TAX WENDY Oehley, tax manager at Grant Thornton's Cape Town office, explains the exemption from capital gains tax on small business assets that is available to individuals. THE Income Tax Act No 58 of 1962 provides a special concession for capital gains tax (CGT) in certain circumstances on the disposal of "small business" assets. A "small business" is defined as a business of which the market value of all its assets, as at the date of disposal of the asset or interest, does not exceed R5 million. The concession provides for an exclusion in the calculation of the ..

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