Page 108 - SAIT Compendium 2016 Volume1

s 10 INCOME TAX ACT 58 OF 1962 s 10
(i) an equity instrument contemplated in section 8C acquired by that person and in respect of which that section applies; or
(ii) consideration for the disposal of an equity instrument contemplated in subparagraph (i),
which had not yet vested as contemplated in that
section at the time of that acquisition or disposal;
[Para. (nD) inserted by s. 10 (1) (f) of Act 121 of 1984, amended by s. 6 (1) (f) of Act 96 of 1985, deleted by s. 12 (1) (f) of Act 129 of 1991 and inserted by s. 14 (1) (e) of Act 32 of 2004.]
(nE) any amount (including any taxable bene t determined under the provisions of the Seventh Schedule, but excluding any gain or loss as a result of any transaction in respect of which section 8C applies or the cancellation of any such transaction) received by or accrued to an employee, as so de ned, under a share incentive scheme operated for the bene t of employees of the taxpayer’s employer, as so de ned, which was derived—
(i) upon the cancellation of a transaction under which the taxpayer purchased shares under that scheme; or
[Sub-para. (i) substituted by s. 14 (1) (f) of Act 32 of 2004 and by s. 16 (1) (h) of Act 31 of 2005.]
(ii) upon the repurchase from the taxpayer, at a price not exceeding the selling price to him or her, of shares purchased by him or her under that scheme,
[Sub-para. (ii) substituted by s. 14 (1) (f) of Act 32 of 2004 and by s. 16 (1) (h) of Act 31 of 2005.]
if in consequence of such cancellation or repurchase the taxpayer has not received or become entitled to receive any compensation or consideration other than the repayment of any portion of the purchase price actually paid by him;
[Para. (nE) inserted by s. 10 (1) (f) of Act 121 of 1984 and amended by s. 16 (1) (h) of Act 31 of 2005.]
(nF). . .
[Para. (nF) inserted by s. 6 (1) (g) of Act 96 of 1985 and
deleted by s. 12 (1) (g) of Act 129 of 1991.]
(nG) . . .
[Para. (nG) inserted by s. 7 (f) of Act 65 of 1986, amended by s. 12 (1) (h) of Act 129 of 1991 and deleted by s. 10 (1)
(iA) as de ned in paragraph 1 of the Fourth Schedule, derived by any person as an of cer or crew member of a South African ship as de ned in section 12Q (1) mainly engaged—
(aa)in international shipping as de ned in section 12Q (1); or
(bb) in shing outside the Republic; or [Sub-para. (iA) inserted by s. 23 (1) (s) of Act 31 of 2013 – date of commencement: 1 April 2014; the inserted subparagraph applies in respect of years of assessment commencing on or after that date.]
(ii) received by or accrued to any employee during any year of assessment by way of any salary, leave pay, wage, overtime pay, bonus, gratuity, commission, fee, emolument or allowance, including any amount referred to in paragraph (i) of the de nition of gross income in section 1 or an amount referred to in section 8, 8B or 8C in respect of services rendered outside the Republic by that employee for or on behalf of any employer, if that employee was outside the Republic—
(aa) for a period or periods exceeding 183 full days in aggregate during any period of 12 months; and
[Item (aa) substituted by s. 16 (j) of Act 35 of 2007.] (bb) for a continuous period exceeding 60 full
days during that period of 12 months,
and those services were rendered during that period or periods: Provided that—
(A) for purposes of this subparagraph, a person
who is in transit through the Republic between two places outside the Republic and who does not formally enter the Republic through a port of entry as contemplated in section 9 (1) of the Immigration Act, 2002 (Act 13 of 2002), or at any other place as may be permitted by the Director-General of the Department of Home Affairs or the Minister of Home Affairs in terms of that Act, shall be deemed to be outside the Republic;
[Para. (A) substituted by s. 26 (1) (j) of Act 45 of 2003 and by s. 16 (1) (i) of Act 31 of 2005.]
(B) the provisions of this subparagraph shall not apply in respect of any remuneration— (AA) derived in respect of the holding of a
public of ce contemplated in section
9 (2) (g); or
(BB) received by or accrued to any person
in respect of services rendered or work or labour performed as contemplated in section 9 (2) (h); and
[Para. (B) substituted by s. 19 (1) (l) of Act 22 of 2012 – date of commencement deemed to have been 1 January 2012; this substituted paragraph applies in respect of remuneration derived or received or accrued during years of assessment commencing on or after that date.]
(C) for the purposes of this subparagraph, where remuneration is received by or accrues to any employee during any year of assessment in respect of services rendered by that employee in more than one year of assessment, the remuneration is deemed to have accrued evenly over the period that those services were rendered;
[Para. (C) added by s. 16 (m) of Act 35 of 2007.] [Sub-para. (ii) amended by s. 18 (1) (g) of Act 74 of 2002
and by s. 16 (i) of Act 35 of 2007.]
[Para. (o) substituted by s. 13 (1) (l) of Act 89 of 1969,
(h) of Act 8 of 2007.]
[Para. (nH) inserted by s. 10 (1) (n) of Act 101 of 1990 and
deleted by s. 9 (g) of Act 3 of 2008.] (o) any form of remuneration—
(i) as de ned in paragraph 1 of the Fourth Schedule, derived by any person as an of cer or crew member of a ship engaged—
(aa) in the international transportation for reward
of passengers or goods; or
(bb) in the prospecting, exploration or mining
(including surveys and other work of a similar nature) for, or production of, any minerals (including natural oils) from the seabed outside the Republic, where such of cer or crew member is employed on board such ship solely for purposes of the ‘passage’ of such ship, as de ned in the Marine Traf c Act, 1981 (Act 2 of 1981),
[Item (bb) substituted by s. 10 (1) (m) of Act 20 of 2006.] if such person was outside the Republic for a period or periods exceeding 183 full days in aggregate during the year of assessment;
(nH) . . .
[Sub-para. (i) amended by s. 18 (1) (f) of Act 74 of 2002 and by s. 16 (h) of Act 35 of 2007.]
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deleted by s. 7 (1) (c) of Act 65 of 1973, inserted by s. 4 (1) SAIT CompendIum oF TAx LegISLATIon VoLume 1