Page 126 - SAIT Compendium 2016 Volume1

s 11 INCOME TAX ACT 58 OF 1962 s 11
implement, utensil or article as determined under
paragraph (vii) of the proviso to paragraph (e): [Para. (bb) substituted by s. 9 (1) (a) of Act 16 of 2004.]
(cc) and (dd) . . .
[Paras. (cc) and (dd) deleted by s. 18 (1) (k) of Taxation
Laws Amendment Act, 2015 – date of commencement: date of promulgation of Taxation Laws Amendment Act, 2015.]
(r)bis . . .
[Para. (r)bis inserted by s. 9 (b) of Act 90 of 1964 and
deleted by s. 11 (b) of Act 95 of 1967.]
(s) . . .
[Para. (s) substituted by s. 14 (1) (h) of Act 89 of 1969, by s. 12 (b) of Act 28 of 1997 and by s. 19 (1) (a) of Act 74 of 2002 and deleted by s. 22 (1) (d) of Act 22 of 2012 – date
of commencement: 1 April 2013; this deletion applies in respect of years of assessments commencing on or after that date.]
(t) . . .
[Para. (t) amended by s. 8 (d) of Act 72 of 1963,
substituted by s. 9 (b) of Act 76 of 1968 and amended by s. 8 (1) (b) of Act 90 of 1972, by s. 12 (1) (c) of Act 85 of 1974, by s. 9 (c) of Act 69 of 1975, by s. 9 (1) (h) of Act 113 of 1977, by s. 8 of Act 104 of 1980, by s. 7 (1) (e) of Act 91 of 1982, by s. 10 (1) (s) of Act 94 of 1983, by s. 2 (2) (b) of Act 8 of 2007 and by s. 1 (2) (c) of Act 3 of 2008 and deleted by s. 18 (1) (i) of Act 60 of 2008.]
(u) . . .
[Para. (u) substituted by s. 10 (1) (b) of Act 88 of 1971 and
by s. 11 (1) (i) of Act 121 of 1984, amended by s. 9 (1) (j) of Act 113 of 1993 and by s. 14 (1) (b) and (c) of Act 30 of 2002 and deleted by s. 9 (1) (b) of Act 45 of 2003.]
(uA) . . .
[Para. (uA) inserted by s. 11 (1) (j) of Act 121 of 1984 and
deleted by s. 10 (c) of Act 21 of 1994.]
(v) . . .
[Para. (v) substituted by s. 12 (1) (g) of Act 55 of 1966 and by s. 10 (1) (c) of Act 88 of 1971 and deleted by s. 9 (c) of
Act 65 of 1973.]
(w) expenditure incurred by a taxpayer in respect of any premiums payable under a policy of insurance (other than a policy of insurance that relates to the death, disablement or severe illness of an employee or director of the taxpayer arising solely out of and in the course of employment of such employee or director) of which the taxpayer is the policyholder, where—
[Words in para. (w) preceding sub-para. (i) substituted by s. 22 (1) (e) of Act 22 of 2012 – date of commencement deemed to have been 1 March 2012; this substitution applies in respect of premiums paid or incurred on or after that date.]
(i) (aa) the policy relates to the death, disablement or severe illness of an employee or director of the taxpayer; and
(bb) the amount of expenditure incurred by the taxpayer in respect of the premiums payable under the policy is deemed to be a taxable bene t granted to an employee or director of the taxpayer in terms of paragraph 2 (k) of the Seventh Schedule; or
(ii) (aa) the taxpayer is insured against any loss by reason of the death, disablement or severe illness of an employee or director of the taxpayer;
(bb) the policy is a risk policy with no cash value or surrender value;
(cc) the policy is not the property of any person other than the taxpayer at the time of the payment of the premium; and
[Item (cc) substituted by s. 17 (1) (b) of Act 43 of 2014 (proviso deleted) – date of commencement: 1 March 2015; the deletion of the proviso applies iro years of assessment commencing on or after that date.]
(dd) in respect of any policy entered into—
(A) on or after 1 March 2012, the policy agreement states that this paragraph
Prelex
Wording of paras. (cc) and (dd) in force until their deletion wef date of promulgation of Taxation Laws Amendment Act, 2015
(cc) the cost of any aircraft in respect of which any allowance has been made to the taxpayer under section 14bis shall be deemed to be the actual cost less any amount (not being an amount which has been included in the income of the taxpayer for any year of assessment in terms of section 8 (4) (i)) by which the cost or estimated cost price of such aircraft has in the calculation of such allowance been reduced in terms of section 14bis (2) (a);
(dd) the cost of any ship in respect of which any allowance has been made to the taxpayer under the provisions of section 14 shall be deemed to be the actual cost less any amount (not being an amount which has been included in the income of the taxpayer for any year of assessment in terms of section 8 (4) (d)) by which the cost or estimated cost price of such ship has in the calculation of such allowance been reduced in terms of the de nition of ‘adjustable cost’ or ‘adjustable cost price’ in section 14 (2):
Provided further that no election may be made in terms of this paragraph by the taxpayer if the amount received or accrued from the alienation, loss or destruction of the asset was received or accrued from a person that is a connected person in relation to the taxpayer;
[Para. (o) substituted by s. 11 (1) (b) of Act 88 of 1965, by s. 12 (1) (f) of Act 55 of 1966 and by s. 14 (1) (g) of Act 89 of 1969, amended by s. 12 (1) (b) of Act 85 of 1974, by s. 9 (1) (g) of Act 113 of 1977, by s. 9 (1) (g) of Act 96 of 1981, by s. 7 (1) (d) of Act 91 of 1982, by s. 10 (1) (q) of Act 94 of 1983, by s. 11 (1) (h) of Act 121 of 1984, by s. 10 of Act 85 of 1987, by s. 8 (1) (f) of Act 90 of 1988, by s. 11 (1) (e) of Act 101 of 1990, by s. 10 (b) of Act 21 of 1994, by s. 22 (1) (b) and (c) of Act 30 of 2000, by s. 15 (i) of Act 59 of 2000, by s. 10 (1) (b), (c), (d) and (e) of Act 19 of 2001 and by s. 27 (1) of Act 60 of 2001, substituted by s. 27 (1) (f) of Act 45 of 2003 and amended by s. 18 (f) of Act 31 of 2005 and by s. 17 (e) and (g) of Act 35 of 2007.]
(p) . . .
[Para. (p) amended by s. 8 (1) (g) of Act 90 of 1988 and by
s. 27 (1) (g) of Act 45 of 2003 and deleted by s. 18 (1) (h) of Act 60 of 2008.]
(q) . . .
[Para. (q) amended by s. 10 (1) (r) of Act 94 of 1983,
by s. 9 (1) (i) of Act 113 of 1993 and by s. 27 (1) (h) of Act 45 of 2003 and deleted by s. 18 (1) (h) of Act 60 of 2008.]
(r) . . .
[Para. (r) amended by s. 9 (g) of Act 90 of 1962 and by
s. 8 (c) of Act 72 of 1963, substituted by s. 11 (a) of Act 95 of 1967, deleted by s. 10 (a) of Act 52 of 1970, inserted by s. 27 (1) (i) of Act 45 of 2003 and deleted by s. 16 (1) (a) of Act 32 of 2004.]
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SAIT CompendIum oF TAx LegISLATIon VoLume 1