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Income Tax Act, 1962 (Act No. 58 of 1962)

Regulations

Regulations in terms of section 12T(8) of the Income Tax Act, 1962, on the requirements for Tax Free Investment

Part IV : Withdrawal and transfer

9C. Transfer certificates

 

(1) A product provider that transfers an amount as contemplated in regulation 9A(1) must issue a certificate that contains the particulars stipulated in subregulation (4) when transferring that amount.

 

(2) A product provider that issues a certificate referred to in subregulation (1) must provide or send a copy of that certificate, on the date that certificate is issued, to—
(a) the investor; and
(b) the product provider to whom the amount is transferred.

 

(3) A product provider that issues a certificate referred to in subregulation (1), the investor and the product provider to whom the amount is transferred must respectively retain a copy of that certificate for a period of five years commencing at the end of the year of assessment in which that certificate is issued.

 

(4) The certificate referred to in subregulation (1) must contain—
(a) the name and the identity number, the passport number or the tax reference number of the investor;

(b)

(i) the amount in cash that is transferred; or
(ii) the market value of any asset in respect of the tax free investment where the amount is transferred in respect of an asset other than cash,

on the date that the cash or asset is transferred;

(c)
(d) the name, the registration number and the tax reference number of the product provider that transfers the amount;
(e) the name, the registration number and the tax reference number of the product provider that receives the amount;
(f) the total amount of contributions in respect of the tax free investment from which the amount is being transferred and the total amount of contributions in respect of tax free investment from which the amount is being transferred in respect of the year of assessment during which the amount is transferred;
(g) the total amount of contributions in respect of the tax free investment from which the amount is being transferred and the total amount of contributions in respect of tax free investments from which any amounts were transferred into the tax free investment from which the amount is being transferred in respect of the years of assessment prior to the year of assessment during which the amount is transferred;
(h) the words "transfer of tax free savings account";
(i) a description of assets in respect of the tax free investment where the amount is transferred in respect of an asset other than cash; and
(j) the number of assets transferred in respect of an asset other than cash.

 

[Regulation 9C inserted by regulation 7 of Notice No. R. 309 of 2017]