How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Mike Otis Your Own Question
Mike Otis
Mike Otis, Legal Advisor
Category: South Africa Law
Satisfied Customers: 2161
Experience:  B.Comm; LL.B; LL.M.
Type Your South Africa Law Question Here...
Mike Otis is online now
A new question is answered every 9 seconds

Do we pay inheritance tax on a cash inheritance we are going

This answer was rated:

Do we pay inheritance tax on a cash inheritance we are going to get from Europe
Welcome, and thank you for your question.

What is the amount?

Your faithfully,
Customer: replied 5 years ago.
I don't think the amount has any bearing on my question. what I want to know to know is, as I am a Sout h African citizen. what are the Sars/Reserve bank's ruling on this matter or has inheritance tax been replaced by CAPITAL GAINS TAX.
In South Africa, there is no inheritance tax payable by the heirs. Nor is Capital Gains Tax payable by the recipient of an inheritance. Estate duty and CGT, where applicable, is usually payable by the estate, but since this is a foreign estate, it will be subject to the taxes of its country of origen.

Therefore, there will be no South African taxes levied on the inheritance. It might be prudent to check the situation in the country where the estate is situated.

Yours faithfully,
Mike Otis and other South Africa Law Specialists are ready to help you