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FAQ: I enter into a long-term lease for a building which I then use as my primary residence. I then sell this right for a profit of R2 million. Can I claim the primary residence exclusion?

Yes. In order to have a primary residence an individual or special trust must have “an interest” in a residence. The term “an interest” includes, among other things, a real right and a right of use or occupation. A long-term lease may comprise a real right (for example, a registered lease of at least 10 years). It would in any event comprise a right of use or occupation.

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