If a gain is made on the disposal of immovable property, then a tax is levied against such gain. When identifying the appropriate method for calculating Capital Gains Tax in a specific situation, regard must be had to the date on which the property was acquired by the Seller thereof, as this will have implications on such calculation…
The introduction of Capital Gains Tax in the Income Tax Act as from 1 October 2001 will have a significant effect on the estates of all persons dying after that date. The event of death will trigger the capital gains tax and this can cause cash deficiencies in deceased estates.
Author : Ruaan van Eeden, Director, and Carmen Moss-Holdstock, Ass. Subject to various conditions being met, an enterprise (or part of it capable of separate operation), that is disposed of as a going concern to a registered vendor, may be subject to Value-Added Tax (VAT) at the zero rate….
Capital Gains Tax was introduced on 1 October 2001. It forms part of normal income tax and is based on the sliding tax tables for individuals. It comes about most often for taxpayers when their home or investment property is sold for a profit (gain) i.e. the proceeds/selling price is more than the “base cost”.
Let’s say you bought it years ago in an up-and-coming area, kept it well maintained and managed to get the right price for it with the result that it has made you a sizeable return on investment. This is known as a capital gain and it is taxable, and will form part of your income tax.