Section 41
“domestic financial instrument holding company” ……….
[Definition of “domestic financial instrument holding company” amended by section 49 of Act 45 of 2003 and section 32 of Act 32 of 2004, substituted by s of 37 of Act 31 of 2005, amended by section 28 of Act 20 of 2006 and section 90 of Act 31 of 2013 and deleted by section 54 of Act 43 of 2014 effective on 20 January 2015]
“equity share”, for the purposes of sections 42 and 44, includes a participatory interest in a portfolio of a collective investment scheme in securities or in a portfolio of a hedge fund collective investment scheme;
[Definition of “equity share” deleted by section 32 of Act 8 of 2007, inserted by section 47 of Act 17 of 2009 and substituted by section 61 of Act 25 of 2015 effective on 1 April 2015]
“foreign financial instrument holding company” ……….
[Definition of “foreign financial instrument holding company” substituted by section 49 of Act 45 of 2003, amended by section 32 of Act 32 of 2004, substituted by section 37 of Act 31 of 2005, section 28 of Act 20 of 2006, amended by section 32 of Act 8 of 2007, section 25 of Act 3 of 2008 and section 61 of Act 7 of 2010 and deleted by section 54 of Act 43 of 2014 effective on 20 January 2015]
“group of companies” means a group of companies as defined in section 1: Provided that for the purposes of this definition-
(i) any company that would, but for the provisions of this definition, form part of a group of companies shall not form part of that group of companies if-
(aa) that company is a company contemplated in paragraph (c), (d) or (e) of the definition of ‘company’;
(bb) that company is a non-profit company as defined in section 1 of the Companies Act;
(cc) any amount constituting gross income of whatever nature would be exempt from tax in terms of section 10 were it to be received by or to accrue to that company;
(dd) that company is a public benefit organisation or recreational club that has been approved by the Commissioner in terms of section 30 or 30A;
(ee) that company is a company contemplated in paragraph (b) of the definition of ‘company’, unless that company has its place of effective management in the Republic; or
(ff) that company has its place of effective management outside the Republic; and
(ii) any share that would, but for the provisions of this definition, be an equity share shall be deemed not to be an equity share if –
(aa) that share is held as trading stock; or
(bb) any person is under a contractual obligation to sell or purchase that share, or has an option to sell or purchase that share unless that obligation or option provides for the sale or purchase of that share at its market value at the time of that sale or purchase;
“hold” ……….
[Definition of “hold” deleted by section 54 of Act 15 of 2016 effective on 19 January 2017]
“listed company” means a company as contemplated in paragraph (a) of the definition of “listed company” in section 1;
“market value” in relation to an asset means the price which could be obtained upon a sale of that asset between a willing buyer and a willing seller dealing at arm’s length in an open market; and
“prescribed proportion” ……….
[Definition of “prescribed proportion” inserted by section 37 of Act 31 of 2005, amended by section 32 of Act 8 of 2007, section 52 of Act 35 of 2007 and section 61 of Act 7 of 2010 and deleted by section 54 of Act 43 of 2014 effective on 20 January 2015]
“shareholder” ……….
[Definition of “shareholder” substituted by section 49 of Act 45 of 2003 and section 90 of Act 31 of 2013 and deleted by section 54 of Act 43 of 2014 effective on 20 January 2015]
“trading stock” for purposes of sections 42, 44, 45 and 47, includes any livestock or produce contemplated in the First Schedule and any reference to an amount taken into account in respect of an asset in terms of section 11(a) or 22(1) or (2) shall, in the case of such livestock or produce, be construed as a reference to the amount taken into account in respect thereof in terms of paragraph 5(1) or 9 of the First Schedule, as the case may be;
[Definition of “trading stock” inserted by section 49 of Act 45 of 2003, substituted by section 52 of Act 35 of 2007, amended by section 61 of Act 7 of 2010 and substituted by section 54 of Act 43 of 2014 effective on 20 January 2015]