(3)     Notwithstanding subsection (2), the terms “debt security”, “equity security” and “participatory security” do not include any of the following:

(a)     A life insurance policy or any other policy of insurance;

[Paragraph (a) substituted by section 19(1)(i) of Act 37 of 1996 and by section 49(c) of Act 20 of 2021]

(b)     any ownership or interest in land, other than an interest as mortgagee;

(c)     a share in the share capital of a share block company;

[Paragraph (c) amended by section 13 of Act 136 of 1992]

(d)     any interest of a member of a close corporation which confers on the member a time-sharing interest as defined in section 1 of the Property Time-sharing Control Act, 1983 (Act No. 75 of 1983), on the terms and conditions contained in the association agreement of such close corporation;

(e)     an interest in a superannuation scheme.

(4)     Notwithstanding anything in this section, the term “financial services” does not include-

(a)     the cession, assignment, transfer or other supply of any right to receive payment in relation to any taxable supply where, as a result of any such cession, assignment, transfer or supply, output tax in relation to that taxable supply would not be or become attributable to any tax period for the purposes of section 16 (3); or

[Paragraph (a) substituted by section 24 of Act 27 of 1997]

(b)     ………..

[Paragraph (b) deleted by section 105 of Act 60 of 2008 effective on 21 Oct 2008]

(c)     the transfer of any interest in or right to be paid money that is, or is to be, owing by a share block company under its loan obligation, as defined in section 1 of the Share Blocks Control Act, to any person who is or will be a shareholder of such share block company.

[Paragraph (c) substituted by section 10 of Act 20 of 1994 and effective on 9 July 1993]

[Subsection (4) deleted by section 22 of Act 136 of 1991 and inserted by section 13 of Act 136 of 1992]