Gift Allowance
Highlights
- Allowance – R 1,000,000 annual allowance per adult
- Why the funds may be transferred – The funds may not be sent to 'yourself' and can only be remitted to non South African residents or South African residents living abroad temporarily.
- Applicable to – All South African exchange control residents
Details
- Discretionary Allowance limit
The Gift allowance of R 1,000,000 forms part of the overall annual discretionary allowance of R 1,000,000 and any gifts made under this will be deducted from this allowance.
It should be noted that any gift is treated as a donation and the South African resident giving the gift will be liable to donation tax on any gift in excess for R 100,000 per year.
How Incompass can assist
As you would expect from an experienced foreign exchange control company, we are able to guide you through your applicable allowance and complete all the required paperwork on your behalf. Of course you will also enjoy the benefit of personalised service, no money administration fees and the best of currency exchange rates. We can even help you set up appropriate banking in offshore destinations such as the Channel islands and Switzerland.
If you are considering transferring money as a gift contact Incompass – the smart way to transfer your money.
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