Estate Duty Flashcards
1
Q
What governs estate duty?
A
The Estate Duty Act
2
Q
How is estate duty levied?
A
20% of first R30million of dutiable estate
25% of amount in excess of R30million
3
Q
What is the formula for estate duty?
A
Property + Deemed property = Gross estate
Gross estate - Deductions = Net estate
Net estate - Abatement = Dutiable estate
