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National Treasury’s budget for 2016/2017

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:
    • Individuals/special trusts from 13.65% to 16.4%.
    • Companies from 18.65% to 22.4%
    • 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.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:
    • Individuals/special trusts from 13.65% to 16.4%.
    • Companies from 18.65% to 22.4%
    • 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.


-Alan West, MacRobert Attorneys
 



Engel & Völkers

Hartbeespoort Dam
Shop 18A, Village Mall, c/o R511 & Magalies Blvd, Schoemansville
0216 Hartbeespoort Dam
South Africa
Phone
+27 (0)12 111 1080

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