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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

8. Payment of amount in relation to withdrawal in respect of tax free investment

 

(1) Any amount in respect of a tax free investment—
(a) that has a maturity date must be payable to an investor by any product provider within seven business days after that investor requests that payment or within seven business days after that maturity date if that investor requests that payment; or
(b) other than a tax free investment that has a maturity date, must be payable to an investor by any product provider within seven business days after that investor has requested the payment.

 

(2) Despite subregulation (1), a product provider may refuse to allow a withdrawal of any amount in respect of a tax free investment where that tax free investment does not cease to exist after that withdrawal and the amount in respect of the tax free investment remaining after that withdrawal would be less than the minimum amount below which that tax free investment ceases to exist in terms of the agreement between the product provider and the investor.

 

[Regulation 8 substituted by regulation 6 of Notice No. R. 309 of 2017]