Wider scope now to transfer your property tax-free
http://www.iolproperty.co.za/roller/news/entry/wider_scope_now_to_transfer
Recent changes to tax legislation mean that even more people can now take advantage of the opportunity to transfer properties that are currently owned by companies, close corporations and trusts into their own names, without incurring any secondary tax on companies, capital gains tax or transfer duty.
The advantage of doing so is that a private owner of a property that is his or her primary residence will qualify for a considerable reduction in CGT liability when the property is sold at a later date, says Berry Everitt, CEO of the Chas Everitt International property group.
If you qualify for this opportunity, now is a good time to take the time to assess the financial implications and to transfer the property into your own name. Interest rates are very low, and without the additional fees and taxes, you could save thousands in Capital Gains Tax should you sell the property in future.
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