Buying property from a company – Should you buy the shares or the house?
“There is never a wrong time to buy the right home” (Anon) You find the house of your dreams, agree on the price and get ready to put pen to paper. The house is in the name of a company, and you are offered a choice – either buy the house out of the company […]
Rights and responsibilities of usufructuaries
In a recent inquiry a client wanted to know what the responsibilities of his parents are as usufructuaries of the property he bought from them. The parents as usufructuaries have the right to occupy and use the property until their respective deaths. On the death of the last-dying the usufruct would lapse and the full […]
BUYING AND SELLING PROPERTY: WHO PAYS THE TAXMAN?
Note: What follows is of necessity just a general summary of some complex provisions, there are various exemptions and exceptions (such as possible zero-rating of going concern sales), and many traps for the unwary. So take specific advice on your particular circumstances. Whether you are the buyer or the seller of property, one of you is […]
THE NEW TRANSFER DUTY RATES: WILL YOU PAY LESS, OR MORE?
In a nutshell, the transfer duty tax breaks announced in Budget 2015 will reduce costs for most middle-income households but will increase costs of property transactions above about R2,65m (with maximum savings at about the R2m to R2,3m level). Remember that no transfer duty is payable when VAT applies to a sale. The new rates […]