Minor changes to transfer duty on property in Budget Speech

The 2017 national Budget was tabled in the South African Parliament by the Minister of Finance, Pravin Gordhan, on Wednesday, 22 February 2017.

The rate structure for transfer duty on the sale of property on or after 1 March 2017 saw some minor adjustments in the Budget after major changes were introduced last year in respect of higher-priced properties.  In this year’s Budget transfer duty relief was given to specifically support low-and middle-income households in affording a home, with the exemption threshold that was increased from R750 000 to R900 000. The latest adjustments to the transfer duty rate structure will bring a saving of R4 500 in respect of the amount payable on all properties sold from March this year.

Read more here: Transfer duty on property (Feb 2017)