Income Tax Act, 1962 (Act No. 58 of 1962)
Regulations in terms of section 12T(8) of the Income Tax Act, 1962, on the requirements for Tax Free Investment
Part I : Definitions
In these regulations, unless the context otherwise indicates, any word or expression to which a meaning has been assigned in the Income Tax Act bears the meaning so assigned, and—
"annual contribution limit"
means the amount contemplated in section 12T(4)(a) of the Income Tax Act;
"collective investment scheme"
means a collective investment scheme as defined in section 1 of the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002), approved as a collective investment scheme in terms of that Act;
means a derivative instrument as defined in section 1 of the Financial Markets Act, 2012 (Act No. 19 of 2012);
includes a management fee, administration fee or any similar charge;
means, where at the time of the issue of a financial instrument or policy with a maturity date, all amounts payable in respect of that financial instrument or policy are—
|(b)||ascertainable from the contract that underlies the financial instrument or policy with reference to—|
|(i)||a fixed rate of return; or|
|(ii)||stated return linked to inflation,|
over the full term of the financial instrument or policy;
"Income Tax Act"
means the Income Tax Act, 1962 (Act No. 58 of 1962);
means a person contemplated in paragraph (b) of the definition of "tax free investment" in section 12T(1) of the Income Tax Act;
means a person or institution listed in regulation 2;
"lifetime contribution limit"
means the amount as contemplated in section 12T(4)(c) of the Income Tax Act;
means the date on which an issuer of a tax free investment is contractually bound to liquidate the investment without any penalty imposed on the investor;
means a policy as defined in section 29A(1) of the Income Tax Act; and
means a person or entity contemplated in paragraph (a) of the definition of tax free investment in section 12T(1) of the Income Tax Act.