Estate Duty Act, 1955 (Act No. 45 of 1955)SchedulesFirst Schedule : Rate of Estate Duty |
(1) The rate of estate duty shall be—
| (a) |
| (i) | 20 per cent of the dutiable amount of the estate as does not exceed R30 million; and |
| (ii) | 25 per cent of the dutiable amount of the estate as exceeds R30 million; or |
[Paragraph (1)(a) of the First Schedule substituted by section 1 of Notice No. 18, GG 42171, dated 17 January 2019 (Rates and Monetary Amounts and Amendment of Revenue Laws Act (Act No. 21 of 2018) - effective 1st March 2018]
| (b) | a percentage of the dutiable amount of the estate as the Minister of Finance may announce in the national annual budget contemplated in section 27(1) of the Public Finance Management Act, 1999 (Act No. 1 of 1999), with effect from a date mentioned in that announcement: |
Provided that where duty becomes payable upon the value of any movable or immovable property or on a value determined by reference to the value of any movable or immovable property, and duty has, upon the death of any person (hereinafter referred to as the first-dying person), who died within ten years prior to the death of the deceased, become payable upon (he value of that movable or immovable property or upon a value determined by reference to the value of that movable or immovable property (or any movable or immovable property for which the Commissioner is satisfied that that movable or immovable property has been substituted), the duty attributable to the value of that movable or immovable property or, as the case may be, the value determined by reference to the value of that movable or immovable property, but not exceeding (in either case) an amount equal to the value on which duty has become payable on the death of the first-dying person, shall be reduced by a percentage according to the following scale—
if the deceased dies within two years of the death of the first-dying person |
100% |
if the deceased dies more than two years, but not more than four years after the death of the first-dying person |
80% |
if the deceased dies more than four years, but not more than six years after the death of the first-dying person |
60% |
if the deceased dies more than six years, but not more than eight years after the death of the first-dying person |
40% |
if the deceased dies more than eight years, but not more than ten years after the death of the first-dying person |
20% |
subject to a maximum reduction equal to so much of the duty previously payable upon the death of the first-dying person as is attributable to the value of that movable or immovable property or, as the case may be, to an amount equal to the value determined by reference to the value of that movable or immovable property, and as is proved to the satisfaction of the Commissioner to have been borne by the deceased.
| (2) | Subsection (1) is deemed to have come into operation on 1 March 2018 and applies in respect of the estate of a person that dies on or after that date. |
[Paragraph (2) of the First Schedule substituted by section 1 of Notice No. 18, GG 42171, dated 17 January 2019 (Rates and Monetary Amounts and Amendment of Revenue Laws Act (Act 21 of 2018) - effective 1st March 2018]