Stamp duties on leases of less than five years will be abolished from 1 June 2007.

In terms of the March Budget Speech it was announced that stamp duties on leases of less than 5 years would no longer be applicable from a date to be determined by the Minister of Finance.

In terms of the draft amendment to the Stamp Duties Act this date was originally contemplated as being 1 April 2007. The Receiver of Revenue has however announced that the effective date will now be the 1 June 2007.

Consequently from this date all leases of 4 years 11 months or less will no longer attract stamp duty.

Speak to one of our conveyancers for further information.

Information supplied by strb Smith Tabata Buchanan Boyes attorneys.

For more information contact info@strb.com.