Page 376 - SAIT Compendium 2016 Volume1

Eighth Schedule INCOME TAX ACT 58 OF 1962 Eighth Schedule
(bb) any capital gain (if any) determined in respect of that disposal in terms of paragraph 25 for the last year of assessment during which that paragraph applied in respect of that disposal; or
[Item (iii) added by s. 54 (1) (d) of Act 32 of 2004.]
(c) in a previous year of assessment that has been reacquired as contemplated in paragraph 20 (4), is equal to any capital
gain determined in respect of that disposal.
[Sub-para. (c) added by s. 104 (1) (d) of Taxation Laws Amendment Act, 2015 – date of commencement: 1 January 2016; this addition applies iro disposals during any year of assessment commencing on or after that date.]
5 Annual exclusion
(1) Subject to subparagraph (2), the annual exclusion of a natural person and a special trust in respect of a year of assessment is R30 000.
[Sub-para. (1) substituted by s. 8 (1) of Act 13 of 2012 – date of commencement deemed to have been 1 March 2012; this substitution applies iro years of assessment commencing on or after that date.]
(2) Where a person dies during a year of assessment, that person’s annual exclusion for that year is R300 000.
[Sub-para. (2) substituted by s. 8 (1) of Act 13 of 2012 – date of commencement deemed to have been 1 March 2012; this substitution applies iro years of assessment commencing on or after that date.]
[Para. 5 amended by s. 32 (a) and (b) of Act 9 of 2006, by s. 2 (2) (b) of Act 8 of 2007, by s. 1 (2) (c) of Act 3 of 2008 and by s. 67 of Act 17 of 2009 and substituted by s. 107 (1) of Act 24 of 2011.]
6 Aggregate capital gain
A person’s aggregate capital gain for a year of assessment is the amount by which the sum of that person’s capital gains for that year and any other capital gains which are required to be taken into account in the determination of that person’s aggregate capital gain or aggregate capital loss for that year, exceeds the sum of—
(a) that person’s capital losses for that year; and
(b) in the case of a natural person or special trust, that person’s or special trust’s annual exclusion for that year. [Sub-para. (b) substituted by s. 69 (1) (b) of Act 60 of 2001.]
[Para. 6 amended by s. 69 (1) (a) of Act 60 of 2001.]
7 Aggregate capital loss
A person’s aggregate capital loss for a year of assessment is the amount by which the sum of a person’s capital losses for the year exceeds the sum of—
(a) that person’s capital gains for that year and any other capital gains which are required to be taken into account in the
determination of that person’s aggregate capital gain or aggregate capital loss for that year; and
[Sub-para. (a) substituted by s. 70 (1) of Act 60 of 2001.]
(b) in the case of a natural person or a special trust, that person’s or special trust’s annual exclusion for that year.
[Sub-para. (b) substituted by s. 70 (1) of Act 60 of 2001.]
8 Net capital gain
A person’s net capital gain for the year of assessment is the sum of—
(a) the amount by which that person’s aggregate capital gain for that year exceeds that person’s assessed capital loss for
the previous year of assessment; and
(b) where paragraph 64B (3) becomes applicable during that year of assessment, the amount of the capital gain which
was disregarded in terms of paragraph 64B (1) or (2) during that year or any previous year, as contemplated in
paragraph 64B (3).
[Sub-para. (b) substituted by s. 104 (1) (a) of Act 22 of 2012 (date of commencement deemed to have been 1 January 2012; this substitution applied iro disposals made on or after that day) and by s. 104 (1) (b) of Act 22 of 2012 – date of commencement: 1 January 2013; this substitution applies iro disposals made on or after that day.]
[Para. 8 substituted by s. 65 of Act 31 of 2005.]
9 Assessed capital loss
A person’s assessed capital loss for a year of assessment, where that person has—
(a) an aggregate capital gain for that year, is the amount by which that person’s assessed capital loss for the previous
year of assessment exceeds the amount of that person’s aggregate capital gain for that year;
(b) an aggregate capital loss for that year, is the sum of that person’s aggregate capital loss for that year and that person’s
assessed capital loss for the previous year; or
(c) neither an aggregate capital gain nor an aggregate capital loss for that year, is the amount of that person’s assessed
capital loss for the previous year.
10 Taxable capital gain
A person’s taxable capital gain for the year of assessment is—
(a) in the case of a natural person or a special trust as de ned in section 1 of the Act, 33,3 per cent;
[Sub-para. (a) substituted by s. 66 of Act 74 of 2002 and by s. 9 (1) of Act 13 of 2012 – date of commencement deemed to have been 1 March 2012; this substitution applies iro years of assessment commencing on or after that date.]
(b)
in the case of an insurer, in respect of its—
(i) individual policyholder fund, 33,3 per cent;
(ii) untaxed policyholder fund, 0 per cent;
(iii) company policyholder fund, 66,6 per cent; and
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SAIT CompendIum oF TAx LegISLATIon VoLume 1