The new Transfer Duty Act and you

Firstly, and worthy of note, the definition of a citizen owned company has been amended to reflect that, all the shares have to be owned by a citizen for it to qualify as a citizen company. As such, the 51% shareholding qualification previously relied on falls away under the Bill.

Secondly, the Bill provides that where the effect of the issue of any shares in any company, or a change in the beneficial ownership of any of the issued shares in any company, is to pass the control of or entitlement to benefit from any immovable property from one person to another, such issue shall constitute a transaction chargeable of Transfer Duty (“Duty”).