Stamp Duties Act, 1968 (Act 77 of 1968)
R 385
Income Tax Act, 1962 (Act No. 58 of 1962)Chapter II : The TaxesPart I : Normal Tax9K. Listing of security on exchange outside Republic |
| (1) | Where a natural person or a trust that is a resident holds a security in a company and that security is delisted on an exchange as defined in section 1 of the Financial Markets Act and licenced under section 9 of that Act, and subsequent to that delisting that security is listed on an exchange outside the Republic, that person must be treated as having— |
| (a) | disposed of that security for an amount received or accrued equal to the market value of that security as contemplated in the definition of ‘market value’ in section 9H(1) on the day that the security is listed on the exchange outside the Republic; and |
| (b) | reacquired that security on the same day on which that security is treated as having been disposed of under paragraph (a) for expenditure in an amount equal to that market value. |
| (2) | For the purposes of section 9C(2), a security that is listed on an exchange outside the Republic as contemplated in subsection (1) must be treated to be one and the same security that is delisted. |
[Section 9K inserted by section 9 of the Taxation Laws Amendment Act, 2020 (Act No. 23 of 2020), GG44083, dated 20 January 2021 - comes into operation on 1 March 2021 and applies in respect of any security listed on an exchange outside the Republic on or after that date (section 9(2)]
