‘redeem’, in relation to an instrument, means the discharge of all liability to pay all amounts in terms of that instrument.
Category: Definitions – ITA
“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;
“Redemption” definition of section 24J of ITA
“redemption”, in relation to an instrument, means the discharging of all liability to pay all amounts in terms of such instrument;
“Group of companies” definition of paragraph 12A of Eighth Schedule
“group of companies” means a group of companies as defined in section 41; and
[Definition of “group of companies amended by section 44(1)(a) of Act 20 of 2021]
“Debt benefit” definition of section 19 of ITA
‘debt benefit’, in respect of a debt owed by a person to another person, means-
(a) in the case of an arrangement described in paragraph (a) (i) of the definition of ‘concession or compromise’, the amount cancelled or waived;
(b) in the case of the extinction of that debt by means of an arrangement described in paragraph (a)(ii) of the definition of ‘concession or compromise’, the amount by which the face value of the claim in respect of that debt held by the person to whom the debt is owed prior to the entering into of that arrangement exceeds the expenditure incurred in respect of-
(i) the redemption of that debt; or
(ii) the acquisition of the claim in respect of that debt;
(c) in the case of the settling of that debt by means of an arrangement described in paragraph (b) of the definition of ‘concession or compromise’, where the person who acquired shares in a company in terms of that arrangement did not hold an effective interest in the shares of that company prior to the entering into of that arrangement, the amount by which the face value of the claim held in respect of that debt prior to the entering into of that arrangement exceeds the market value of the shares acquired by reason or as a result of the implementation of that arrangement; or
(d) in the case of the settling of that debt by means of an arrangement described in paragraph (b) of the definition of ‘concession or compromise’, where the person who acquired shares in a company in terms of that arrangement held an effective interest in the shares of that company prior to the entering into of that arrangement, the amount by which the face value of the claim held in respect of that debt prior to the entering into of that arrangement exceeds the amount by which the market value of any effective interest held by that person in the shares of that company immediately after the implementation of that arrangement exceeds, solely as a result of the implementation of that arrangement, the market value of the effective interest held by that person in the shares of that company immediately prior to the entering into of that arrangement;
[Definition of “debt benefit” substituted by section 36 of Act 23 of 2018 effective on 1 January 2018, applies in respect of years of assessment commencing on or after that date]
“Regional electricity distributor” definition of section 1 of ITA
“regional electricity distributor” ……….
[Definition of “regional electricity distributor” inserted by section 3 of Act 20 of 2006, amended by section 4 of Act 31 of 2013 and deleted by section 1 of Act 43 of 2014 effective on 20 January 2015]
“Registered learnership agreement” definition of section 12H of ITA
‘registered learnership agreement’ means a learnership agreement that is-
(a) registered in accordance with the Skills Development Act, 1998; and
(b) entered into between a learner and an employer before 1 April 2024;
[Paragraph (b) substituted by section 30(1)(a) of Act 15 of 2016 and by section 14(1) of Act 20 of 2021 effective on 1 April, 2022 and applicable in respect of learnership agreements entered into on or after that date]
“Registered micro business” definition of Sixth Schedule
‘registered micro business’ means a micro business that is registered in terms of paragraph 8;
“Regulated intermediary” definition of section 64D of ITA
‘regulated intermediary’ means any-
(a) central securities depository participant contemplated in section 32 of the Financial Markets Act;
(b) authorised user as defined in section 1 of the Financial Markets Act;
(c) approved nominee contemplated in section 76(3) of the Financial Markets Act;
(d) nominee that holds investments on behalf of clients as contemplated in section 9.1 of Chapter 1 and section 8 of Chapter II of the Codes of Conduct for Administrative and Discretionary Financial Service Providers, 2003 (Board Notice 79 of 2003) published in Government Gazette No. 25299 of 8 August 2003;
(e) portfolio of a collective investment scheme in securities;
[Paragraph (e) amended by section 70 of Act 7 of 2010 effective on 1 April 2012 and section 73 of Act 25 of 2015 effective on 1 April 2015]
(f) transfer secretary that is a person other than a natural person and that has been approved by the Commissioner subject to such conditions and requirements as may be determined by the Commissioner; or
[Paragraph (f) inserted by section 70 of Act 7 of 2010 effective on 1 April 2012, amended by section 73 of Act 25 of 2015 effective on 1 April 2015]
(g) a portfolio of a hedge fund collective investment scheme.
[Paragraph (g) added by section 73 of Act 25 of 2015 and amended by section 60 of Act 17 of 2017 effective on 18 December 2017]
“Regulation” definition of section 1 of ITA
“regulation” means a regulation in force under this Act;