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REVENUESA NEW RULING

RevenueSA has come out with a new ruling that affects purchasers signing contract and/or nominee.  The effect of this is that you no longer have to provide a letter of nomination if another person is acting on your behalf in the purchase of a property and there is no additional stamp duty required to be paid.

However if you purchase a property and on sell this property to a subsequent purchaser and assign the rights of the original contract for a higher price the stamp duty is paid on the original contract and also on the subsequent assignment contract at full ad valoreum regardless of whether the property is  transferred into the original purchasers name first.

 

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