Moonstone Media, the prominent publisher of content for financial advisers, brokers and industry professionals, published an article by FISA CEO Jan du Plessis on estate duty.
Jan explains that estate duty, while complex, rests on several key principles that are relatively easy to understand. He notes that an “estate” and an “estate for estate duty purposes” are not the same, as the tax applies to both actual and certain “deemed” assets, such as life-insurance proceeds.
If a person was ordinarily resident in South Africa, their worldwide assets may be included. After allowable deductions and the R3.5 million abatement, estate duty is levied at 20% up to R30 million and 25% above that.
Read here.