9   Rollover relief for disposals involving going concerns

 

(1)     For purposes of this Act a disposal of a mineral resource by an extractor that forms part of the disposal of a going concern, or of a part of a going concern which is capable of separate operation, by that extractor to any other extractor is deemed not to be a disposal.

 

(1A)   For purposes of this Act a disposal of a mineral resource by an extractor to any other extractor is deemed not to be a disposal, if—

 

(a)     the mineral resource is disposed of to another extractor in terms of—

 

(i)      an asset-for-share transaction mentioned in section 42 of the Income Tax Act;

 

(ii)     an amalgamation transaction mentioned in section 44 of the Income Tax Act;

 

(iii)    an intra-group transaction mentioned in section 45 of the Income Tax Act;

 

(iv)    a liquidation distribution mentioned in section 47 of the Income Tax Act; or

 

(v)     any transaction which would have constituted a transaction or distribution mentioned in subparagraphs (i) to (iv) regardless of whether that extractor acquired that mineral resource as a capital asset or as trading stock; and

 

(b)     the extractor to whom the mineral resource is disposed of, immediately after a transaction contemplated in paragraph (a)(i), (ii), (iii), (iv) or (v), qualifies for registration in terms of section 2(1)(a) of the Administration Act.

[Subsection (1A) inserted by section 100(1) of Act 17 of 2009 effective on 1 March, 2010 and applicable in respect of a mineral resource transferred on or after that date]

 

(2)     For purposes of this Act an extractor that acquires a mineral resource in terms of a disposal mentioned in subsection (1) is deemed to be the extractor that won or recovered the mineral resource.