Guiding consumers since 2009

Do I have to pay tax on my overseas inheritance?

By Staff Writer
I have inherited money from a family member who lived in Europe. I have brought some of that money back and some of it I’ve invested in a bank account in Europe. Do I have to pay tax on any of it or declare it to SARS?
Marc Sevits of TaxTim says:
There is no tax on inheritance, but you will be taxed on any income earned from investing the inheritance going forward. SARS will require you to disclose this inheritance, although you will not be taxed. It would be best to inform the reserve bank of the amounts kept offshore”

Recent Articles

Featured Work from home, have meetings at restaurants – the new normal?

With companies moving from static office spaces to working remotely, meetings have predominantly been held online. However, some companies have turned their attention to meeting at variable locations, such as restaurants or hotel conference rooms.

Is a home loan a great savings tool?

There are many saving and investment options available to consumers. What you decide to use is dependent on your circumstances. But should you make your home loan your choice of a savings vehicle and how does that exactly work?

Everything you should know about tax auto assessment

In 2019, the South African Revenue Service (SARS) launched a system, which was dubbed an “auto assessment”, to assist taxpayers with their annual tax returns. But what does this system entail, and how will it impact you?

What does it mean to be a registered Financial Services Provider?

You may have noticed that financial institutions state that they’re registered Financial Services Providers (FSP). But what does this actually mean, and how does this benefit you as a consumer?


Earn up to 50% of your tax return submission fee back in eBucks

Price: Available on request
When: Daily
Where: Nationwide

Be part of the Belly Of The Beast Weekday Spring Special Lunch

Price: R350
When: From 23 September 2020
Where: Cape Town

Tony’s Roma Breakfast Special

Price: R39
When: Daily
Where: Cape Town

Latest Guide

Guide to debt rehabilitation solutions