Selling Property? Check for VAT Before You Sign
You sell your property for a good price and, with the deal in the bag, you start daydreaming about how to spend the proceeds. Then – disaster of disasters – you realise that in the excitement of the sale you forgot all about VAT. It’s an easy mistake to make, and a recent High Court case (Gerber v Naidoo and Another (3048/2015) [2016] ZAECPEHC 11) shows just how costly it can be. “Oops, we just lost R221k” The facts in this case were as follows. The liquidators of a close corporation (which had been placed in liquidation) sold certain immovable property…