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I am from the UK, but will get permanent residence in SA, but I have money overseas, will I pay tax

Posted 20 November 2012 under Tax Q&A


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If i bring funds into SA and earn interest do I have to pay tax on it, what is the free allowance and then how much is it thereafter please?

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TaxTim TaxTim says:
5 November 2012 at 1:54

If you bring money into South Africa and invest it somewhere earning interest then you will only be liable to pay tax once you become a tax resident or you spend longer than 183 days in South Africa.

If you do become liable to pay tax then, if you are under the age of 65 and earn no other income, then you will only pay tax on interest earned above R86 356 each tax year.


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