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The Taxation Laws Amendment Act, No 7 of 2010, which came into operation on 1 October 2010, inserted Paragraph 51A of the Eighth Schedule to the Income Tax Act, No 58 of 1962, which widens the relief in respect of the disposal of a residence and imposes certain new conditions
After representations were made to the National Treasury with respect to the introduction of a residential property amnesty, it appears that the final version of the legislation has been 'renovated' to suit the array of family planning structures and circumstances currently being utilised
Taxpayers will have until 30 September 2010 to transfer a primary residence from a company or trust under current rules without having to liquidate, wind up or deregister the company or trust in terms of proposed new income tax rules
