Industry players are disappointed that the government hasn’t offered any relief to homebuyers in this year’s budget. It is the second consecutive budget to make no adjustments in transfer duty rates, the tax-free threshold or capital gains tax (CGT).The last time changes were made to the way in which residential property sales are taxed was in 2017, when the transfer duty exemption threshold was raised from R750,000 to R900,000.In 2016, higher transfer duty rates were introduced at the upper price ranges along with an increase in the CGT rate.Housing industry players were hoping for some form of tax concession to boost flagging residential property sales.Seeff Property Group chair Samuel Seeff says it is high time that the government provided relief for upper-end homebuyers in particular.He says lower rates in terms of either transfer duties or CGT could have boosted transaction volumes, which would have meant higher income for the fiscus.Seeff says there has been a notable decline ...

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