With effect from 1 September 2003



Please be advised that as from the 1 September 2003 all nominations made in terms of a nomination clause in a deed of sale must be made and accepted on the same day that the sale was entered into (ie. by 12 midnight on the date of sale ).This is in terms of the recommendations of Trevor Manuel who raised in his Budget Speech in March that the "right to nominate" process was being abused. Cheryl Rodney who is the head of the Transfer Duty section at the Receiver of Revenue has confirmed that this ruling will apply to any sale concluded on or after the 1 September 2003 and will not be retrospective. She confirmed that double transfer duty will be levied against any transaction falling foul of this ruling. Please do not hesitate to contact any one of our conveyancers should you require further information herein. PAUL CLARK BUCHANAN BOYES SMITH TABATA ATTORNEYS Telephone : 021 406 9100 Facsimile : 021 406 9212