Section 26 - Amendment of Act 27 of 1957

Wealth tax exemptions revised to cap aggregate excluded assets and revise urban-asset valuation and rate structure.

Amendments revise asset exclusions and limits under the Wealth-tax Act, expand categories of securities, shares and deposits subject to exclusion rules, insert a cap on aggregate exclusions with transitional uplift for pre-existing holdings, allocate Commissioner functions where jurisdictions overlap, permit alignment of wealth-return filing with extended income-return deadlines for business-held assets, provide treatment for indeterminate beneficial interests allowing recovery from fiduciaries at individual rates in specified trusts, and replace the Schedule with progressive rates and an urban-asset valuation regime including attribution rules for firms and companies.