Acts Online
GT Shield

Income Tax Act, 1962 (Act 58 of 1962)

Chapter II: The Taxes

Part I: Normal Tax

25BA. Amounts received by or accrued to certain portfolios of collective investment schemes and holders of participatory interests in portfolios

 

(1) Any amount, other than an amount of a capital nature, received by or accrued to any portfolio of a collective investment scheme, other than a portfolio of a collective investment scheme in property, must—
(a) to the extent that the amount is distributed by that portfolio—
(i) to any person who is entitled to the distribution by virtue of the person being a holder of a participatory interest in that portfolio; and
(ii) not later than 12 months after its accrual to or, in the case of interest, its receipt by that portfolio,

be deemed to have directly accrued to the person on the date of the distribution; and

(b) to the extent that the amount is not distributed as contemplated in paragraph (a) within 12 months after its accrual to, or in the case of interest, its receipt by that portfolio—
(i) be deemed to have accrued to that portfolio on the last day of the period of 12 months commencing on the date of its accrual to or receipt by that portfolio; and
(ii) to the extent that the amount is attributable to a dividend received by or accrued to that portfolio, be deemed to be income of that portfolio.

 

 

(2) Where a portfolio of a hedge fund collective investment scheme is constituted as a partnership any amount allocated by that portfolio to the partners in that partnership must for the purposes of subsection (1)(a) be treated as having been distributed by that portfolio to the partners in that partnership by virtue of those partners being holders of participatory interests in that portfolio.