Exchange Control Amnesty and Amendment of Taxation Laws Act, 2003 (Act No. 12 of 2003)Chapter II : General Amendments to Taxation Laws31. Transfer Duty Act, 1949 section 2 |
Amendment of section 2 of Act 40 of 1949, as substituted by section 2 of Act 77 of 1964 and amended by section 1 of Act 56 of 1966, section 2 of Act 66 of 1973, section 3 of Act 88 of 1974, section 5 of Act 106 of 1980, section 3 of Act 87 of 1988, section 2 of .4ct 136 of 1992, section 3 of Act 97 of 1993, section 1 of Act 37 of 1995, section 9 of Act 37 of 1996, section 2 of Act 32 of 1999 and section 2 of Act 30 of 2002
| 1) | Section 2 of the Transfer Duty Act, 1949, is hereby amended by the substitution in subsection (1) for paragraph (b) of the following paragraph : |
"(b) subject to the provisions of subsection (5) -
| i) | 0 per cent of so much of the said value or the said amount, as the case may be, as does not exceed [R100 000] R140 000; |
| ii) | 5 per cent of so much of the said value or the said amount, as the cast may be, as exceeds [R100 000] R140 000 hut does not exceed [R300 000] R320 000; and |
| iii) | 8 per cent of so much of the said value or the said amount, as the case may be, exceeds [R300 000] R320 000. |
if the person [by whom] who acquires the proper [is acquired] or in whose favour or for whose benefit the said interest or restriction is renounced is a natural person."
| 2) | Subsection (1) shall be deemed to have come into operation on 1 March 2003 and shall apply in respect of any property acquired. or interest or restriction in any property renounced. in terms of an agreement formally and finally signed on or after that date. |