Transfer duty rate adjustments, 2014/15 to 2015/16

2014/15		2015/16
Property value (R)	Rates of tax	Property value (R)	Rates of tax
R0 - R600 000	0% of property value	R0 - R750 000	0% of property value
R600 001 - R1 000 000	3% of property value above R600 000	R750 001 - R1 250 000	3% of property value above R750 000
R1 000 001 to R1 500 000	R12 000 + 5% of property value above R1 000 000	R1 250 001 - R1 750 000	R15 000 + 6% of property value above R1 250 000
R1 500 001+	R37 000 + 8% of property value above R1 500 000	R1 750 001 - R2 250 000	R45 000 + 8% of property value above R1 750 000
		R2 250 001+	R85 000 + 11% of property value above R2 250 000

MAJOR CHANGE

Previously Companies, Close Corporations and Trusts paid an 8% flat rate of the purchaseprice as transfer duty irrespective of the purchase price which made it very expensive to purchase to purchase properties in legal entities. From the 23rd February 2011, Companies, Close Corporations and Trusts will pay the same transfer duty as natural persons.