National Treasury's Budget

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Budget

The Minister of Finance delivered the National Treasury’s budget for 2016/2017.The most notable changes effective from 1 March 2016 are as follows:

·  The inclusion rate in respect of Capital Gains Tax for individuals and special trusts increased from 33.3% to 40%, and for other taxpayers from 66.6% to 80%. The effective rates increased as follows:

o   Individuals/special trusts from 13.65% to 16.4%.

o    Companies from 18.65% to 22.4%

o    Trusts from 27.31 to 32.8%.

· Transfer duty remains unchanged except for an increase from 11% to 13% in respect of the value of property in excess of R10 million.

· Interest-free loans to trusts are to be treated as donations.

Assets transferred through a loan to a trust are to be included in the estate of the founder at death.
 
-Allen West

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