- In terms of an amendment to tax laws, individuals who own their private dwelling in either
? company or
? close corporation or
? a trust will have until 31 December 2012 to transfer the immovable property into their name without having to pay
? capital gains tax and
? transfer duty and secondary tax on companies
- In order to qualify for the relief, the requirement are as follows:
2.1 a natural person must acquire the interest in the property that the company, close corporation or trust holds by the end of the window period, being 31 December 2012
2.2 where the property is held by a company or close corporation, all it's shares or members interest must have been held by the natural person (or the natural person and his spouse) from 11 February 2009 to date when that property is registered in the name of the natural person (and his spouse where applicable)
2.3 where the property is held by a trust, it must have been disposed of to the trust by way of some form of gratuitous disposition by the natural person or the natural person must have financed all the expenditure used by the trust to acquire and improve the property
PLEASE CONTACT US IN ORDER FOR US TO ASSIST YOU TO SAVE HUGE MONEY IN THE FUTURE. courtenay@courtenay.co.za tel: 021-913 0070