“redemption”, in relation to an instrument, means the discharging of all liability to pay all amounts in terms of such instrument;
Category: Section 24J (ITA) – Incurral and accrual of interest
Section 24J
- Definition of “adjusted gain on transfer or redemption of an instrument” substituted by section 14 of Act 36 of 1996.
- Paragraph (b) of definition of “adjusted initial amount” amended by section 24 of Act 32 of 2004.
- Definition of “adjusted loss on transfer or redemption of an instrument” substituted by section 14 of Act 36 of 1996.
- Words preceding paragraph (a) of definition of “date of redemption” substituted by section 54 of Act 22 of 2012 effective on 1 April 2012.
- Definition of “date of redemption” inserted by section 53 of Act 24 of 2011 effective on 1 April 2012.
- Definition of “demand instrument” inserted by section 53 of Act 24 of 2011 effective on 1 April 2012 and deleted by section 54 of Act 22 of 2012 effective on 1 April 2012.
- Paragraph (a) of definition of “holder” substituted by section 24 of Act 32 of 2004.
- Definition of “income instrument” substituted by section 14 of Act 36 of 1996.
- Words preceding paragraph (a) of definition of “instrument” substituted by section 54 of Act 22 of 2012 effective on 29 February 2012.
- Paragraph (a) of definition of “instrument” substituted by section 53 of Act 24 of 2011 effective on 1 January 2012 and deleted by section 54 of Act 22 of 2012 effective on 1 January 2013.
- Paragraph (b) of definition of “instrument” deleted by section 54 of Act 22 of 2012 effective on 1 January 2013.
- Paragraph (c) of definition of “instrument”substituted by section 54(e) of Act 22 of 2012 effective on 29 Febuary 2012, section 54(f) of Act 22 of 2012 effective on 1 January 2013 and section 69 of Act 31 of 2013 effective on1 April 2013.
- Definition of “instrument” amended by section 14 of Act 36 of 1996 and section 19 of Act 28 of 1997.
- Paragraph (b) of definition of “interest” substituted by section 27 of Act 53 of 1999.
- Definition of “interest” substituted by section 19 of Act 28 of 1997.
- Definition of “interest rate agreement” inserted by section 19 of Act 28 of 1997.
- Definition of “issue price” substituted by section 24 of Act 32 of 2004.
- Paragraph (a) of definition of “issuer” substituted by section 24 of Act 32 of 2004.
- Definition of “lending arrangement” inserted by section 27 of Act 53 of 1999.
- Definition of “term” substituted by section 53 of Act 24 of 2011 effective on 1 April 2012 and section 54 of Act 22 of 2012 effective on 1 April 2012.
- Definition of “transfer price” substituted by section 24 of Act 32 of 2004.
- Paragraph (c) of definition of “yield to maturity” substituted by section 69 of Act 31 of 2013 effective on 1 April 2013.
- Subparagraph (i) substituted by section 24 of Act 32 of 2004.
- Subparagraph (d)(ii) of definition of “yield to maturity” substituted by section 24 of Act 32 of 2004 and amended by section 69 of Act 31 of 2013 effective on 1 April 2013.
- Paragraph (e) of definition of “yield to maturity” added by section 69 of Act 31 of 2013 effective on 1 April 2013.
- Further proviso of definition of “yield to maturity” added by section 24 of Act 32 of 2004 and amended by section 10 of Act 9 of 2005.
- Subsection (2) amended by section 24 of Act 32 of 2004.
- Subsection (3) amended by section 24 of Act 32 of 2004.
- Subsection (3A) inserted by section 14 of Act 36 of 1996.
- Words following subparagraph (4A)(ii) substituted by section 54 of Act 22 of 2012 effective on 1 January 2013.
- Subsection (4A) inserted by section 14 of Act 36 of 1996.
- Paragraph (5)(a) substituted by section 20 of Act 20 of 2006.
- Paragraph (5)(b) substituted by section 20 of Act 20 of 2006.
- Subsection (5) amended by section 20 of Act 20 of 2006.
- Subsection (5A) inserted by section 14 of Act 36 of 1996.
- Paragraph (9)(a) substituted by section 19 of Act 28 of 1997 and section 27 of Act 53 of 1999.
- Subparagraph (9)(b)(ii) substituted by section 19 of Act 28 of 1997 and section 27 of Act 53 of 1999.
- Item (9)(b)(iii)(A) substituted by section 19 of Act 28 of 1997 and section 27 of Act 53 of 1999.
- Item (9)(b)(iii)(B) substituted by section 19 of Act 28 of 1997 and section 27 of Act 53 of 1999.
- Subparagraph (9)(b)(iv) substituted by section 19 of Act 28 of 1997 and section 27 of Act 53 of 1999.
- Paragraph (9)(c) substituted by section 19 of Act 28 of 1997 and section 27 of Act 53 of 1999.
- Paragraph (9)(d) substituted by section 19 of Act 28 of 1997 and section 27 of Act 53 of 1999.
- Subparagraph (9)(f)(ii) amended by section 19 of Act 28 of 1997 and section 27 of Act 53 of 1999.
- Paragraph (9)(g) added by section 69 of Act 31 of 2013 effective on 1 April 2014.
- Subsection (9A) added by section 69 of Act 31 of 2013 effective on 1 April 2014.
- Subsection (11) deleted by section 271 of Act 28 of 2011 effective on 1 October 2012.
- Subsection (12) inserted by section 54 of Act 22 of 2012 effective on 1 April 2012.
- Section 24J inserted by section 21 of Act 21 of 1995.
“Redemption payment” definition of section 24J of ITA
“redemption payment”, in relation to an instrument, means any payment made or received which has the effect of redeeming such instrument;
“Repurchase agreement” definition of section 24J of ITA
“repurchase agreement” means the obtaining of money (which money shall for the purposes of this section be deemed to have been so obtained by way of a loan) through the disposal of an asset by any person to any other person subject to an agreement in terms of which such person undertakes to acquire from such other person at a future date the asset so disposed of or any other asset issued by the issuer of, and which has been so issued subject to the same conditions regarding term, interest rate and price as, the asset so disposed of;
“Resale agreement” definition of section 24J of ITA
“resale agreement” means the provision of money (which money shall for the purposes of this section be deemed to have been so provided in the form of a loan) through the acquisition of an asset by any person from any other person subject to an agreement in terms of which such person undertakes to dispose of to such other person at a future date the asset so acquired or any other asset issued by the issuer of, and which has been so issued subject to the same conditions regarding term, interest rate and price as, the asset so acquired;
“Short selling” definition of section 24J of ITA
“short selling” means the sale of any instrument by a person who is not the owner of such instrument, and in respect of which such person has the obligation to deliver such instrument at a future date;
“Term” definition of section 24J of ITA
‘term’, in relation to an instrument, means the period commencing on the date of issue or transfer of that instrument and ending on the date of redemption of that instrument;
“Transfer” definition of section 24J of ITA
“transfer”, in relation to an instrument, includes –
(a) the transfer, sale, assignment or disposal in any other manner of such instrument by the holder or issuer thereof, as the case may be; or
(b) the acquisition of such instrument by the holder or issuer thereof, as the case may be, by way of a transfer, sale, assignment or disposal in any other manner,
but does not include the redemption of such instrument;
“Transfer price” definition of section 24J of ITA
“transfer price”, in relation to the transfer of an instrument, means the market value of the consideration payable or receivable, as the case may be, for the transfer of such instrument as determined on the date on which that instrument is transferred;
“Variable rate” definition of section 24J of ITA
“variable rate” means a rate determined with reference to an interest or indexation rate or other similar factor, being a rate or factor that varies or may vary during the term of the instrument;
“Variable rate instrument” definition of section 24J of ITA
“variable rate instrument” means an instrument which is not a fixed rate instrument; and