5.  Other transfers of listed securities

 

(1)     Unless tax is payable on a transfer contemplated in section 3 or 4, the taxable amount in respect of any transfer of a listed security is –

 

(a)     where that security is a security referred to in paragraph (a) of the definition of “security”-

(i)      the amount of the consideration for that security declared by the person who acquires that security; or

(ii)     if no amount of consideration referred to in subparagraph (i) is declared, or if the amount so declared is less than the lowest price of the security, the closing price of that security.

[Subparagraph  (ii) amended by section 147 of Act 24 of 2011 effective on 1 April 2012]

(b)     ……….

[Paragraph  (b) deleted by section 147 of Act 24 of 2012 effective on 1 April 2012]

 

(2)     The person to whom the listed security is transferred is liable for the tax payable as referred to in this section.

 

(3)     Tax payable in terms of subsection (2) must be paid through the member or participant holding the listed security in custody or, in the case where the listed security is not held in custody by either a member or participant, through the company that issued the listed security.

[Subsection (3) substituted by section 126 of Act 60 of 2008 effective on 1 Jul 2008]