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.

Picture: 123RF/CATHY YUELET
Picture: 123RF/CATHY YUELET

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:

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