Botswana: Inheritance
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Inheritance tax and law
Estate Duty
Levied on the estate of the deceased person at the same rates as income tax applied to both residents and non-residents. The first BWP100,000 (US$16,150) is also exempt from the tax. Refer to Taxes Which Reduce Your Rental Income.
Capital Transfer Tax
Capital Transfer tax is levied on the gratuitous transfer of property by way of inheritance and donations. The beneficiaries are liable to pay based on the market value of the property. The first BWP100,000 (US$16,150) is exempt. Any expense necessarily incurred by the beneficiary in obtaining the property is deductible. The rates for capital transfer tax are as follows:
CAPITAL TRANSFER TAX |
|
| TAX BASE, BWP (US$) | MARGINAL TAX RATE |
| Up to 100,000 (US$16,150) | 2% |
| 100,001 - 300,000 (US$48,450) | 3% on band over US$16,150 |
| 300,001 – 500,000 (US$80,750) | 4% on band over US$48,450 |
| Over 500,000 (US$80,750) | 5% on all value over US$80,750 |
| Source: Global Property Guide | |
The following are the inheritance taxes for residents and non-residents. Note that inheritance received by a spouse is not taxable.
INHERITANCE TAX FOR NON-RESIDENTS |
|
| TAXABLE INCOME, BWP (US$) | MARGINAL TAX RATE |
| Up to 60,000 (US$9,690) | 5% |
| 60,001 – 90,000 (US$14,535) | 12.5% on band over US$9,690 |
| 90,001 – 120,000 (US$19,380) | 18.75% on band over US$14,535 |
| Over 120,001 (US$19,380) | 25% on all income over US$ 19,380 |
| * Inheritance tax for non-residents is the same as income tax for non-residents (see Taxes and Costs in Botswana). Source: Global Property Guide |
|
INHERITANCE TAX FOR RESIDENTS |
|
| TAXABLE INCOME, BWP (US$) | MARGINAL TAX RATE |
| Up to 30,000 (US$4,845) | nil |
| 30,001 – 60,000 (US$9,690) | 5% on band over US$4,845 |
| 60,001 – 90,000 (US$14,535) | 12.5% on band over US$9,690 |
| 90,001 – 120,000 (US$19,380) | 18.75% on band over US$14,535 |
| Over 120, 000 (US$19,380) | 25% on all income over US$19,380 |
| * Inheritance tax for residents is the same as income tax for residents (see Botswana Living There). Source: Global Property Guide |
|
Botswana - more data and information
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