Tax boost for home buyers
Transfer duty scrapped on property purchase up to a value of R1m
The threshold for paying transfer duty has been increased by R100,000, sweetening the deal for first-time home buyers.
Transfer duty, which is the tax you pay when buying property, will not be payable on the purchase of property up to a value of R1 million, Finance Minister Tito Mboweni has announced.
This is an increase of R100,000 in the threshold which should sweeten the deal for first-time buyers.
The brackets to calculate transfer duty were last adjusted in 2017. From 1 March they are as follows: