(j)      the receipts and accruals of any bank, if such bank is not resident in the Republic and is entrusted by the Government of a territory outside the Republic with the custody of the principal foreign exchange reserves of that territory;

[Paragraph (j) substituted by section 16(1)(b) of Act 25 of 2015 and by section 13 of Act 34 of 2019]

(iB)   any amount received by or accrued to a holder of a participatory interest in a portfolio of a collective investment scheme in securities by way of a distribution from that portfolio if that amount is deemed to have accrued to that portfolio in terms of section 25BA(1)(b) and that amount was subject to normal tax in the hands of that portfolio;

[Paragraph (iB) inserted by section 13 of Act 17 of 2009, substituted by section 23 of Act 31 of 2013 and section 14 of Act 43 of 2014 effective on 1 March 2015]

(i)      in the case of any taxpayer who is a natural person, so much of the aggregate of any interest received by or accrued to his or her, other than interest in respect of a tax free investment as defined in section 12T(1), from a source in the Republic as does not during the year of assessment exceed—

(i)      in the case of any person who was or, had he or she lived, would have been at least 65 years of age on the last day of the year of assessment, the amount of R34 500; or

(ii)     in any other case, the amount of R23 800;

[Subparagraph (ii) substituted by section 6(1) of Act 23 of 2013 deemed effective on 1 March, 2013 and applicable in respect of years of assessment commencing on or after that date]

Provided that where any person’s year of assessment is less than a period of 12 months, the amount that shall be exempt from normal tax under subparagraph (i) or (ii) shall be the amount that bears to the amount referred to in that subparagraph the same ratio as the number of days in that year of assessment bears to 365 days;

[Paragraph (i) amended by section 7(a) of Act 72 of 1963, substituted by section 8(a) of Act 90 of 1964, by section 10(b) of Act 88 of 1965, by section 11(b) of Act 55 of 1966 and by section 8(1)(a) of Act 76 of 1968, amended by section 13(1)(d)-(f) of Act 89 of 1969, by section 9(1)(a) and (b) of Act 52 of 1970, by section 9(a) of Act 88 of 1971, by section 7(1)(a) of Act 90 of 1972, by section 7(1)(a) and (b) of Act 65 of 1973, by section 10(1)(f)-(h) of Act 85 of 1974, by section 9(b) of Act 103 of 1976, by section 8(1) of Act 113 of 1977, by section 4(1) of Act 101 of 1978, by section 7(1)(a)-(f) of Act 104 of 1979, by section 7(1)(b) and (c) of Act 104 of 1980, by section 8(1)(e)-(i) of Act 96 of 1981, by section 6(1)(b)-(g) of Act 91 of 1982, by section 9(1)(d) of Act 94 of 1983, by section 6(1)(c)-(e) of Act 96 of 1985, by section 7(c) and (d) of Act 65 of 1986, by section 3(1)(a)-(c) of Act 108 of 1986, by section 9(1)(e) and (f) of Act 85 of 1987, by section 10(1)(c)-(i) of Act 101 of 1990, by section 8(1)(n) of Act 36 of 1996, by section 21(1)(f) and (g) of Act 30 of 2000, by section 9(b) and (c) of Act 19 of 2001, by section 13(1)(a) of Act 30 of 2002, by section 36 of Act 12 of 2003, by section 26(1)(c) and (d) of Act 45 of 2003, by section 8 of Act 16 of 2004, by section 5 of Act 9 of 2005, by section 23(a)-(c) of Act 9 of 2006, by section 2(2)(b) and section 10(1)(f) of Act 8 of 2007, by section 1(2)(c) of Act 3 of 2008, by section 13(1)(d) of Act 17 of 2009, by section 18(1)(h) and (i) of Act 7 of 2010 and by section 28(1)(j) of Act 24 of 2011, substituted by section 28(1)(k) of Act 24 of 2011 and amended by section 14(1)(e) of Act 43 of 2014 and by section 5(1) of Act 20 of 2022 with effect from 1 March, 2023 and applicable in respect of years of assessment commencing on or after that date]

(hA)  any amount received by or accrued to the holder of a debt-

(i)      if the holder of that debt is a company that forms part of the same group of companies, as defined in section 41, as the issuer of that debt; and

(ii)     to the extent that the amount is attributable to any amount of interest as defined in section 23K(1) that is not deductible as a result of the application of section 23K;

(h)     any amount of interest which is received by or accrues to any person that is not a resident, unless-

[Words preceding subparagraph (i) substituted by section 16 of Act 17 of 2017 effective on 18 December 2017]

(i)      that person is a natural person who was physically present in the Republic for a period exceeding 183 days in aggregate during the twelve-month period preceding the date on which the interest is received by or accrues to that person; or

[Subparagraph (i) substituted by section 22 of Act 23 of 2018 effective on 17 January 2019]

(ii)     the debt from which the interest arises is effectively connected to a permanent establishment of that person in the Republic;

(gH)   any amount received or accrued in respect of a policy of insurance where-

(i)      the policy relates to death, disablement or illness of an employee or director, or former employee or director, of the person that is the policyholder; and

[Subparagraph (i) substituted by section 16 of Act 17 of 2017 effective on 18 December 2017]

(ii)     no amount of premiums payable in respect of that policy on or after 1 March 2012 is deductible from the income of that person for the purposes of determining the taxable income derived by the person from carrying on any trade;

(gG)   any amount received by or accrued to a person as contemplated in subparagraph (ii) or (iii) of paragraph (d) of the definition of “gross income” –

  

(i)      in the case of a policy that is a risk policy with no cash value or surrender value, if the amount of premiums paid in respect of that policy by the employer of the person has been deemed to be a taxable benefit of the person in terms of the Seventh Schedule since the later of-

  

(aa)   the date on which the employer or company contemplated in those subparagraphs became the policyholder of that policy; or

(bb)   1 March 2012,

unless the amount of the premiums paid was deductible by the person in terms of section 11(a);

(ii)     in the case of any other policy, if an amount equal to the aggregate of the amount of any premiums has been included in the income of the person as a taxable benefit in terms of the Seventh Schedule since the date on which the policy was entered into;

(gE)   any amount awarded to a person by a beneficiary fund as defined in the Pension Funds Act;

(gD)   any funeral benefit payable in terms of section 6F of the Special Pensions Act, 1996 (Act No. 69 of 1996);