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Gift of GBP

Posted 8 October 2015

Sd123 said:
8 October 2015 at 9:09

Please would you let me know what the tax implications are for receiving a gift of GBP4000 into my RSA bank account. Thanks very much.

TaxTim Marc TaxTim Marc said:
8 October 2015 at 15:36

Donations tax is payable by the donor at 20% on donations in excess of R100,000 pa made within South Africa. However, there is no donations tax on money donated from an offshore donor (provided it was earned offshore) to a South African resident. You must declare it though in your Tax Return as "amounts not considered taxable" but it won't attract tax.

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