Transfer duty rates were last amended in March 2006. The new transfer duty rate structure announced in the Budget of 2011 applies to properties acquired under transactions concluded on or after 23 February 2011
The revised transfer duty rates are as follows:
|Value of property||Transfer duty|
|R0 – R600 000||0%|
|R600 001 – R1 000 000||3% (up to a maximum of R12 000)|
|R1 000 001 – R1 500 000||R12 000 plus 5% of the value exceeding R1 000 000|
|R1 500 001 and above||R37 000 plus 8% of the value exceeding R1 500 000|
Please see the calculators tab above to work out what transfer duty you will pay.
Therefore as from 23 February 2011:
- no transfer duty will be paid where the transaction is subject to Value Added Tax (VAT);
- This change is not only restricted to natural persons but also applies to Close Corporations, Companies and Trusts. Before this amendment, juristic persons (other than natural persons) were paying a flat rate of 8%.