“expected return”, in relation to an annuity under an annuity contract, means an amount determined in a manner contemplated in this section as representing the sum of all the annuity amounts which may, as at the commencement of the annuity contract, be expected to become payable by way of the annuity from the said commencement;
Category: CHAPTER II – The Taxes (ITA)
Section 11(lA) of ITA
(lA) an amount equal to the market value of any qualifying equity share granted to an employee of that person as contemplated in section 8B, as determined on the date of grant as defined in that section less any consideration given by that employee for that qualifying equity share, which applies in lieu of any other deduction which may otherwise be allowed to that person or any other person in respect of the granting of that share: Provided that the deduction under this paragraph may not during any year of assessment in aggregate exceed an amount of R10 000 in respect of all qualifying equity shares granted to a single employee and so much as exceeds that amount may be carried forward to the immediately succeeding year of assessment and that excess is deemed to be the market value of qualifying equity shares granted to the relevant employee during that immediately succeeding year for purposes of this paragraph;
“Purchaser” definition of section 10A of ITA
“purchaser”, in relation to an annuity contract means –
(a) any natural person and includes such person’s deceased or insolvent estate; or
(b) a curator bonis of, or a trust created solely for the benefit of, any natural person where the High Court has declared such person to be of unsound mind and incapable of managing his own affairs and such Court has ordered the appointment of such curator or creation of such trust, as the case may be;
Section 11(l) of ITA
(l) any amount contributed by a person that is an employer during the year of assessment for the benefit of or on behalf of any employee or former employee of the employer or for any dependant or nominee of a deceased employee or former employee of that employer to any pension fund, provident fund or retirement annuity fund in terms of the rules of that fund: Provided that for the purposes of this paragraph a partner in a partnership must be deemed to be an employee of the partnership and a partnership must be deemed to be the employer of the partners in that partnership;
[Paragraph (l) substituted by section 8 of Act 104 of 1979, amended by section 30 of Act 30 of 1998, section 10 of Act 94 of 1983, section 10 of Act 3 of 2008 and section 271 of Act 28 of 2011 and substituted by section 27(1)(l) of Act 31 of 2013 effective on 1 March 2016 (Date of operation in section 27(1)(l) of Act 31 of 2013 as substituted by section 122(1)(b) of Act 43 of 2014) and section 25 of Act 23 of 2018 effective on 1 March 2018]
Section 11(a) of ITA – general deduction formula
For the purpose of determining the taxable income derived by any person from carrying on any trade, there shall be allowed as deductions from the income of such person so derived –
(a) expenditure and losses actually incurred in the production of the income, provided such expenditure and losses are not of a capital nature;
(b) ……….
Section 10(1)(nD) of ITA
(nD) any amount received by or accrued to that person which constitutes –
(i) an equity instrument contemplated in section 8C acquired by that person and in respect of which that section applies; or
(ii) consideration for the disposal of an equity instrument contemplated in subparagraph (i),
which had not yet vested as contemplated in that section at the time of that acquisition or disposal;
“Statutory actuary” definition of section 10A of ITA
“statutory actuary” means an actuary appointed in accordance with section 20 (1) or 21 (1) (b) of the Long-term Insurance Act;
Section 11(k) of ITA
(k) ……….
[Paragraph (k) amended by section 8 of Act 72 of 1963, substituted by section 12 of Act 55 of 1966, section 9 of Act 65 of 1973, section 9 of Act 69 of 1975 and section 9 of Act 113 of 1977, amended by section 5 of Act 101 of 1978, section 8 of Act 104 of 1979, section 9 of Act 96 of 1981, section 10 of Act 94 of 1983, section 11 of Act 121 of 1984, section 30 of Act 30 of 1998, section 18 of Act 31 of 2005, section 2 of Act 8 of 2007, section 1 of Act 3 of 2008, section 10 of Act 3 of 2008, section 14 of Act 17 of 2009, substituted by section 27(1)(k) of Act 31 of 2013 (substitution by and date of operation in terms of section 27(1)(k) of Act 31 of 2013 substituted by section 122(1)(a) and (b) of Act 43 of 2014), amended by section 2 of Act 2 of 2016 and section 26 of Act 15 of 2016 and deleted by section 19 of Act 17 of 2017 effective on 1 March 2016]
Section 11 (ITA) – General deductions allowed in determination of taxable income
11. General deductions allowed in determination of taxable income
Section 10(1)(nC) of ITA
(nC) any amount received by or accrued to that person in the form of a qualifying equity share contemplated in section 8B;