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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

9A. Transfers by product providers

 

(1) Subject to subregulation (2) and the transfer not being accepted in terms of regulation 9B, a product provider must transfer the amount in cash or assets other than cash in respect of a tax free investment to another tax fee investment to another tax free investment of an investor on or after 1 March 2018—
(a) if that tax free investment has a maturity date, within ten business days after that investor requests that transfer or within ten business days after that maturity date if that investor requested that transfer; or
(b) other than a tax free investment that has a maturity date, within ten business days after that investor requests that transfer.

 

(2) Despite subregulation (1) a product provider is not obliged to transfer any amount in respect of a tax free investment in respect of the same natural person more than twice in a year of assessment.

 

(3) Despite subregulation (1), a product provider may refuse to transfer any amount in respect of a tax free investment where the amount in respect of the tax free investment does not cease to exist after that withdrawal and remaining after that transfer 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.

 

(4) Despite subregulation (1), a product provider must refuse to transfer any amount in respect of a tax free investment during the last 10 business days of any year of assessment.

 

[Regulation 9A substituted by regulation 7 of Notice No. R. 309 of 2017]