FAQ: A couple has lived on a boat that is longer than 10m for a number of years. The boat is their primary, and indeed only residence. Will they be exempt from CGT if they sell the boat or will SARS seek to tax any gain on disposal?

A boat used as a place of residence by an individual is specifically included in the definition of a “residence”, as is a mobile home and a caravan. A boat will therefore qualify for a primary residence exclusion on the same basis as a more conventional residence.