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Changing deals

26 February 2004

A point worth noting with the removal of Stamp Duty and the reduction of the transfer duty rate is that some buyers who bought their property before the 1 March might try to alter their contracts to take advantage of the lower rate. This amounts to tax evasion and is therefore illegal. Moreover, estate agents and attorneys who fail to carry out their duties in this regard could risk potential prosecution under the Financial Intelligence Centre Act.

Taking advantage is also not worth the risk and the saving wouldn't amount to much. For example, on a transfer of R320 000, the savings would be only R500 on the transfer duty and R640 with the removal of stamp duty.

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