| (1) |
In this section "lease" means a lease or agreement of lease contemplated in Item 14 of Schedule 1. |
| (2) |
The period for which a lease shall be stamped shall be— |
| (a) |
in the case of a lease for a definite period, with no provision for the continuance, renewal or extension of the lease, such period; or |
| (b) |
in the case of a lease for an indefinite period, five years; or |
| (c) |
in the case of a lease for a definite period (hereinafter referred to as the original period), with provision for the continuance, renewal or extension thereof beyond the original period or any subsequent period during which the lease may be in force, a period equal to the aggregate of the following periods, namely— |
| (ii) |
any definite periods of continuance, renewal or extension provided for in the lease; and |
| (iii) |
if the lease is to continue in force or may be continued, renewed or extended for an indefinite period following the original period or the definite periods referred to in subparagraph (ii), a period of five years. |
| (3) |
[Deleted by the Taxation Laws Amendment Act No. 8 of 2007] |
| (4) |
[Deleted by the Revenue Laws Amendment Act No. 31 of 2005]; |
| (5) |
If under or by virtue of a lease, rent or other consideration is payable or expressed otherwise than in money, duty shall be calculated on an amount equal to the monetary value of such rent or other consideration. |
| (a) |
the value of improvements which the lessee is obliged to effect on the land or to the buildings leased by him or her and that value is deemed to be the amount stipulated in the lease as the value or, where no amount is so stipulated, the fair and reasonable value determined by the Commissioner; and |
| (b) |
any acceptance by the lessee of a liability for payments for which the lessor would otherwise be liable: |
Provided that payment of any amount in terms of a stipulation in a lease is deemed not to be "other consideration", where the amount—
| (i) |
constitutes charges which relate to public services rendered or utilities provided to the lessee; or |
| (ii) |
relates to the duty payable by the lessor on that lease or agreement of lease. |
| (7) |
The duty on a lease shall be denoted on the original instrument, which shall be retained by the lessor. |
| (8) |
In the event of a lease terminating or being terminated before the end of the period in respect of which duty has been paid, the Commissioner shall, if satisfied of that fact and upon the application of the person by whom the duty was paid, refund, in the case that lease was terminated— |
| (a) |
within a period of five years from the date of the commencement of the rental period as contemplated in the lease agreement, the amount of such duty; and |
| (b) |
after a period of five years from the date of the commencement of the rental period as contemplated in the lease agreement, a proportionate amount of such duty. |
South African Reserve Bank Act, 1989
