Section 24J
“holder”, in relation to an income instrument –
(a) means any person who has become entitled to any interest or amount receivable in terms of such income instrument; or
(b) at any particular time, means any person who, if any interest payable in terms of such income instrument was due and payable at that time, would be entitled to receive payment of such interest;
“income instrument” means –
(a) in the case of any person other than a company, any instrument –
(i) the term of which will, or is reasonably likely to, exceed one year; and
(ii) which is issued or acquired at a discount or premium or bears deferred interest; and
(b) in the case of any company, any instrument;
“initial amount” means the issue price or transfer price, as the case may be, in relation to an instrument;
“instrument” means–
(a) ……….
(b) ……….
(c) any interest-bearing arrangement or debt;
(d) any acquisition or disposal of any right to receive interest or the obligation to pay any interest, as the case may be, in terms of any other interest–bearing arrangement; or
(e) any repurchase agreement or resale agreement,
which was –
(i) issued or deemed to have been issued after 15 March 1995;
(ii) issued on or before 15 March 1995 and transferred on or after 19 July 1995; or
(iii) in so far as it relates to the holder thereof, issued on or before 15 March 1995 and was unredeemed on 14 March 1996 (excluding any arrangement contemplated in subparagraphs (i) and (ii)),
but excluding any lease agreement (other than a sale and leaseback arrangement as contemplated in section 23G) or any policy issued by an insurer as defined in section 29A;
[Words following subparagraph (iii) substituted by section 41 of Act 43 of 2014 effective on 1 Janaury 1996]
“interest” includes the –
(a) gross amount of any interest or similar finance charges, discount or premium payable or receivable in terms of or in respect of a financial arrangement;
[Paragraph (a) substituted by section 45 of Act 15 of 2016 effective on 19 January 2017]
(b) amount (or portion thereof) payable by a borrower to the lender in terms of any lending arrangement as represents compensation for any amount to which the lender would, but for such lending arrangement, have been entitled; and
(c) absolute value of the difference between all amounts receivable and payable by a person in terms of a sale and leaseback arrangement as contemplated in section 23G throughout the full term of such arrangement, to which such person is a party,
irrespective of whether such amount is –
(i) calculated with reference to a fixed rate of interest or a variable rate of interest; or
(ii) payable or receivable as a lump sum or in unequal instalments during the term of the financial arrangement;
“interest rate agreement” means an interest rate agreement as defined in section 24K;
“issue”, in relation to an instrument, means the creation of the liability to pay or the right to receive an amount or amounts in terms of such instrument;
“issue price”, in relation to an instrument, means the market value of the consideration given or received, as the case may be, for the issue of the instrument as determined on the date on which that instrument is issued;
“issuer”, in relation to any instrument –
(a) means any person who has incurred any interest or has any obligation to repay any amount in terms of such instrument; or
(b) at any particular time, means any person who, if any interest payable in terms of such instrument was due and payable at that time, would be liable to pay such interest;
“lending arrangement” means any arrangement or agreement in terms of which –
(a) a person (in this section referred to as the lender) lends any instrument to another person (in this section referred to as the borrower); and
(b) the borrower in return undertakes to return any instrument of the same kind and of the same or equivalent quantity and quality to the lender;