FAQ Blog Calculators Students Logbook Contact
Do your Tax with TaxTim and WIN R10,000  More info   T&C's apply


Am I correct in what I propose doing?

Posted 2 March 2015

I have dual citizenship. I have resided in the UK for the last 5 years with my children. Income from living annuity is being limited to 3%. I plan to sell my shares over 8 years and remit the proceeds together with the annuity to cover my living expenses and then increase my annuity to cover future shortfalls on my living expenses. I am 75 years old. My intention is to keep my taxable income below the tax threshold. I pay 15% WHT on dividends. I earn no income from any other source in South Africa or the UK. My taxable income converted to £ is below the personal allowance. I do not wish to officially emigrate to avoid paying capital gains tax in one go.

TaxTim TaxTim says:
3 March 2015 at 10:55

The shares that you currently hold, are the in companies where more than 80% of the assets of the company are property related?

Jeepers says:
3 March 2015 at 16:32

No they are all listed companies on the JSE

TaxTim TaxTim says:
3 March 2015 at 21:36

Non-residents for tax purposes do not pay CGT on assets other than those related to immovable property such as a house or shares of a property company so your plan would be better than formally emigrating at this point.

This entry was posted in Tax Q&A and tagged , , , , , , , , . Bookmark the permalink.




Submit your tax return right here!
Get started

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund
Answer simple questions about your incomes and expenses. TaxTim does the rest. Just click click, submit.

Make tax easy

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →

Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.