(1) For the purposes of this section –
“agreement” means an agreement concluded by the taxpayer in terms of which the taxpayer is entitled to operate a toll road;
Category: CHAPTER II – The Taxes (ITA)
“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;
“Date of redemption” definition of section 24J of ITA
“date of redemption”, in relation to an instrument, means-
(a) where-
(i) the terms of that instrument specify a date on which all liability to pay all amounts in terms of that instrument will be discharged; and
(ii) the date so specified is not, in terms of the instrument, subject to change, whether as a result of any right, fixed or contingent, of the holder of that instrument or otherwise,
that date; or
(b) where-
(i) the terms of that instrument do not specify a date as contemplated in paragraph (a)(i); or
(ii) that date, if so specified, is subject to change as contemplated in paragraph (a)(ii),
the date on which, on a balance of probabilities, all liability to pay all amounts in terms of that instrument is likely to be discharged;
Subsections 2, 3, 4 and 5 of section 24H of ITA
(2) Where any trade or business is carried on in partnership, each member of such partnership shall, notwithstanding the fact that he may be a limited partner, be deemed for the purposes of this Act to be carrying on such trade or business.
(3) Notwithstanding anything to the contrary in this Act contained, the amount of any allowance or deduction which may be granted to any taxpayer under any provision of this Act in respect of or in connection with any trade or business carried on by him in a partnership in relation to which he is a limited partner shall not in the aggregate exceed the sum of –
(a) the amount, whether it consists of the taxpayer’s contribution to the partnership or of any other amount, for which the taxpayer is or may be held liable to any creditor of the partnership; and
(b) any income received by or accrued to the taxpayer from such trade or business.
(4) Any allowance or deduction which has been disallowed under the provisions of subsection (3) shall be carried forward and be deemed to be an allowance or deduction to which the taxpayer is entitled in the succeeding year of assessment.
(5)
(a) Where any income has in common been received by or accrued to the members of any partnership or foreign partnership, a portion (determined in accordance with any agreement between such members as to the ratio in which the profits or losses of the partnership are to be shared) of such income shall, notwithstanding anything to the contrary contained in any law or the relevant agreement of partnership, be deemed to have been received by or to have accrued to each such member individually on the date upon which such income was received by or accrued to them in common.
(b) Where a portion of any income is under the provisions of paragraph (a) deemed to have been received by or to have accrued to a taxpayer, a portion (determined as aforesaid) of any deduction or allowance which may be granted under the provisions of this Act in the determination of the taxable income derived from such income shall be granted in the determination of the taxpayer’s taxable income so derived.
“Foreign currency” definition of section 24I of ITA
“foreign currency” in relation to any exchange item of a person, means any currency which is not local currency;
“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;
“Limited partner” definition of section 24H of ITA
(1) For the purposes of this section, ‘limited partner’ means any member of a partnership en commandite, an anonymous partnership, any similar partnership or a foreign partnership, if such member’s liability towards a creditor of the partnership is limited to the amount which the member has contributed or undertaken to contribute to the partnership or is in any other way limited.
“Exchange item” definition of section 24I of ITA
“exchange item” of or in relation to a person means an amount in a foreign currency-
(a) which constitutes any unit of currency acquired and not disposed of by that person;
(b) owing by or to that person in respect of a debt incurred by or payable to such person;
(c) owed by or to that person in respect of a forward exchange contract; or
(d) where that person has the right or contingent obligation to buy or sell that amount in terms of a foreign currency option contract.
“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;
“Adjusted loss on transfer or redemption of an instrument” definition of section 24J of ITA
“adjusted loss on transfer or redemption of an instrument” means –
(a) in relation to the holder of any income instrument, where –
(i) an alternative method has not been applied, the amount by which the sum of the adjusted initial amount in relation to such income instrument and the accrual amount in relation to the accrual period during which such income instrument is transferred or redeemed and any payments made by such holder in terms of such income instrument during such accrual period, exceeds the sum of the transfer price or redemption payment in relation to such income instrument in relation to such holder and any payments received by such holder in terms of such income instrument during such accrual period; or
(ii) an alternative method has been applied, the amount by which the sum of the initial amount and all amounts determined in accordance with such alternative method and any other payments made by such holder in terms of such income instrument during the period from acquisition until transfer or redemption of such income instrument by such holder, exceeds the sum of the transfer price or redemption payment in relation to such income instrument in relation to such holder and any payments received by such holder in terms of such income instrument during the period from acquisition until transfer or redemption of such income instrument by such holder; or
(b) in relation to the issuer of any instrument, where –
(i) an alternative method has not been applied, the amount by which the sum of the transfer price or redemption payment of such instrument in relation to such issuer and any payments made by such issuer in terms of such instrument during the accrual period during which such instrument is transferred or redeemed, exceeds the sum of the adjusted initial amount in relation to such instrument and the accrual amount in relation to such accrual period and any payments received by such issuer in terms of such instrument during such accrual period; or
(ii) an alternative method has been applied, the amount by which the sum of the transfer price or redemption payment of such instrument in relation to such issuer and any payments made by such issuer in terms of such instrument during the period from issue or acquisition until transfer or redemption of such instrument by such issuer, exceeds the sum of the initial amount and all amounts determined in accordance with such alternative method and any other payments received by such issuer in terms of such instrument during the period from issue or acquisition until transfer or redemption of such instrument by such issuer;