4.  Transfer of listed securities effected by participant

 

(1)     Unless tax is payable on a transfer contemplated in section 3, the taxable amount in respect of any transfer of a listed security effected by a participant is –

 

(a)     where that security is a security referred to in paragraph (a) of the definition of “security” –

(i)      the amount of the consideration for that security declared by the person who acquires that security; or

(ii)     if no amount of consideration referred to in subparagraph (i) is declared, or if the amount so declared is less than the lowest price of that security, the closing price of that security.

[Subparagraph  (ii) amended by section 146 of Act 24 of 2011 effective on 1 April 2012]

(b)     ……….

[Paragraph (b) deleted by section 146 of Act 24 of 2012 effective on 1 April 2012]

 

(2)     The participant is liable for the tax payable in respect of the transfer of a security referred to in this section.