Page 685 - SAIT Compendium 2016 Volume1

s2
(b)
TRANSFER DUTY ACT 40 OF 1949 s 3A
there will be a change in the provision of this Act that will have the effect that the acquisition of or the renunciation of any interest in or restriction upon a certain class of property will no longer be subject to transfer duty.
3 By whom, when and to whom duty payable
(1) The duty shall within six months of the date of acquisition be payable by the person who has acquired the property or in whose favour or for whose bene t any interest in or restriction upon the use or disposal of property has been renounced.
(1A) Where a person who acquires any property contemplated in paragraph (d), (e) or (g) of the de nition of ‘property’ fails to pay the duty within the period contemplated in subsection (1), the public of cer of that company and the person from whom the shares or member’s interest are acquired shall be jointly and severally liable for such duty: Provided that the public of cer or person from whom the shares or member’s interest was acquired, may recover any amount of duty paid in terms of this subsection in accordance with section 160 of the Tax Administration Act.
[Sub-s. (1A) inserted by s. 3 (1) of Act 74 of 2002, amended by s. 2 (1) of Act 17 of 2009 and substituted by s. 271 of Act 28 of 2011.]
(1B) Where a person who acquires any property contemplated in paragraph (f) of the de nition of ‘property’ fails to pay the duty within the period contemplated in subsection (1), the trust and representative taxpayer of that trust shall be jointly and severally liable for such duty: Provided that the trust or representative taxpayer may recover any amount of duty paid in terms of this subsection by the trust or representative taxpayer, as the case may be, in accordance with section 160 of the Tax Administration Act.
[Sub-s. (1B) inserted by s. 3 (1) of Act 74 of 2002 and substituted by s. 271 of Act 28 of 2011.]
(2) Pending the completion of the declarations referred to in section 14, or the determination of the amount of duty payable under this Act, a deposit on account of the duty payable must be made by way of an electronic payment.
[Sub-s. (2) substituted by s. 6 of Act 60 of 2001, by s. 1 (a) of Act 35 of 2007 and by s. 12 (1) (a) of Act 8 of 2010.]
(3) . . .
[Sub-s. (3) substituted by s. 4 (1) of Act 88 of 1974, amended by s. 1 of Act 99 of 1981, substituted by s. 10 (1) of Act 37 of 1996, by s. 6 of Act 60 of 2001, by s. 1 (b) of Act 35 of 2007 and by s. 12 (1) (b) of Act 8 of 2010 and deleted by s. 271 of Act 28 of 2011.]
(4) Where, in addition to any amount of duty which is payable by any person in terms of this Act, an amount of penalty is payable by him in terms of the provisions of this Act, any payment made by that person on or after 1 April 1994 in respect of such duty or penalty which is less than the total amount due by him in respect of such duty and penalty shall for the purposes of this Act be deemed to be made—
(a) in respect of such penalty; and
(b) to the extent that such payment exceeds the amount of
such penalty, in respect of such duty.
[Sub-s. (4) added by s. 4 of Act 97 of 1993.]
(5) Any agreement concluded prior to 1 April 1994 between the Commissioner and the person liable for the payment of any duty or penalty which provides for the allocation of any payment to be made on or after that date otherwise than in accordance with the provisions of subsection (4) shall, in so far as it provides for such allocation, cease to have effect.
[Sub-s. (5) added by s. 4 of Act 97 of 1993.]
3A Sharia compliant nancing arrangements
(1) For the purpose of the payment of duty in respect of any murabaha as de ned in section 24JA (1) of the Income Tax Act, 1962 (Act 58 of 1962)—
[Sub-s. (2) substituted by s. 1 of Act 56 of 1966, amended by s. 2 (1) (a) of Act 66 of 1973, deleted by s. 3 (1) (b) of Act 88 of 1974 and inserted by s. 1 of Act 31 of 2005.]
(3) If the Minister makes an announcement contemplated in subsection (2), that reduction or change comes into effect on the date determined by the Minister in that announcement and continues to apply for a period of 12 months from that date unless Parliament passes legislation giving effect to that announcement within that period of 12 months.
[Sub-s. (3) added by s. 2 (1) (b) of Act 66 of 1973, deleted by s. 3 (1) (b) of Act 88 of 1974, inserted by s. 1 of Act 31 of 2005 and substituted by s. 2 of Act 18 of 2009.]
(4) . . .
[Sub-s. (4) added by s. 2 (1) (b) of Act 66 of 1973 and deleted by s. 3 (1) (b) of Act 88 of 1974.]
(5) Where a person acquires any property consisting of or including an undivided share in any property (hereafter in this subsection referred to as the joint property), the duty payable in respect of such acquisition shall be calculated in accordance with the formula—
y = _a_ × c in which formula— b
(a) ‘y’ represents the duty payable;
(b) ‘a’ represents the value on which the duty is leviable
in terms of subsection (1);
(c) ‘b’ represents an amount equal to the sum of—
(i) the amount represented by ‘a’; and
(ii) the value of the remainder of the joint property
(being the share or shares in the joint property remaining after excluding the aforesaid undivided share), assuming such value to be an amount which bears to the value of the said undivided share (being the value thereof represented by or included in ‘a’) the same ratio as the said remainder (expressed as a percentage of the full ownership of the joint property without regard to the value of that property or any share therein) bears to the said undivided share (expressed as a percentage of the full ownership of the joint property without regard to the value of that property or any share therein); and
(d) ‘c’ represents the duty which would have been leviable at the rate prescribed in subsection (1) (b) on the amount represented by the symbol ‘b’ in the formula if that amount had been the value on which duty was leviable under subsection (1).
[Sub-s. (5) added by s. 3 (1) (c) of Act 88 of 1974 and amended by s. 2 (1) (c) of Act 24 of 2011.]
(6) The provisions of subsection (5) shall not apply in respect of the acquisition of an undivided share in common property which is in terms of the provisions of the Sectional Titles Act, 1986 (Act 95 of 1986), apportioned to a section as de ned in section 1 of that Act and forms part of a unit as so de ned but shall apply in respect of the acquisition of an undivided share in such unit.
[Sub-s. (6) added by s. 3 (1) (c) of Act 88 of 1974 and amended by s. 3 of Act 87 of 1988.]
(7) . . .
[Sub-s. (7) added by s. 3 (1) (c) of Act 88 of 1974 and deleted by s. 1 of Act 37 of 1995.]
(8) . . .
[Sub-s. (8) added by s. 9 (1) (b) of Act 37 of 1996 and deleted by s. 2 (1) (d) of Act 24 of 2011.]
[S. 2 amended by s. 1 of Act 59 of 1951, by s. 1 (1) of Act 31 of 1953 and by s. 1 (1) of Act 32 of 1954 and substituted by s. 2 of Act 77 of 1964.]
SAIT CompendIum oF TAx LegISLATIon VoLume 1 677
TRANSFER DUTY ACT