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Mike Otis
Mike Otis, Legal Advisor
Category: South Africa Law
Satisfied Customers: 2161
Experience:  B.Comm; LL.B; LL.M.
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Do we pay inheritance tax on a cash inheritance we are going

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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 6 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 what are the Sars/Reserve bank's ruling on this matter or has inheritance tax been replaced by CAPITAL GAINS TAX.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

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