Estate duty will be payable at a rate of 20% on the dutiable amount of an estate, of a person who died on or after 1 October 2001
Both spouses are entitled to this estate duty deduction and it is accepted that each spouse will seek to use the R3.5 miljon deduction by removing assets worth that amount from the estate whilst keeping practical control of the assets for the benefit of the spouse via a trust vehicle. It is now proposed that spouses be given flexibility in using their combined estate duty deductions without the artifice of the trust vehicle. The surviving spouse's estate will automatically benefit from the unused deduction of the deceased spouse.
Abatements
Single abatement……………… R3 500 000
Other Exemptions
Any bequest to a surviving spouse or a public benefit organisation
As from 1 January 2010, the unutilised portion of the exemption of the first deceased spouse may be carried forward to the estate of the surviving spouse.
Proceed of policies on the deceased's life are deemed to be property in his or her estate subject to these concessions:
Proceeds of policy on the life of the deceased are entirely exempt from estate duty where:
Effective 1 February 2006, the fair market value of farm property is its market value less 30%.
An executor is entitled to the following remuneration
Executors remuneration is subject to VAT where the executors is registered as a vendor