“securities lending arrangement” means a ‘lending arrangement’ as defined in the Securities Transfer Tax Act, 2007 (Act No. 25 of 2007);

“severance benefit” means any amount (other than a lump sum benefit or an amount contemplated in paragraph (d)(ii) or (iii) of the definition of “gross income”) received by or accrued to a person by way of a lump sum from or by arrangement with the person’s employer or an associated institution, as defined in paragraph 1 of the Seventh Schedule, in relation to that employer in respect of the relinquishment, termination, losections repudiation, cancellation or variation of the person’s office or employment or of the person’s appointment (or right or claim to be appointed) to any office or employment, if-

 

(a)     such person has attained the age of 55 years;

 

(b)     such relinquishment, termination, loss, repudiation, cancellation or variation is due to the person becoming permanently incapable of holding the person’s office or employment due to sickness, accident, injury or incapacity through infirmity of mind or body; or

 

(c)     such termination or loss is due to-

 

(i)      the person’s employer having ceased to carry on or intending to cease carrying on the trade in respect of which the person was employed or appointed; or

 

(ii)      the person having become redundant in consequence of a general reduction in personnel or a reduction in personnel of a particular class by the person’s employer,

 

unless, where the person’s employer is a company, the person at any time held more than five per cent of the issued shares or members’ interest in the company:

 

Provided that any such amount which becomes payable in consequence of or following upon the death of a person must be deemed to be an amount which accrued to such person immediately prior to his or her death;

[Definition of “severance benefit” inserted by section 6(1)(zF) of Act 7 of 2010 and amended by section 7(1)(zK) and (zM) of Act 24 of 2011 and by section 1(1)(n) of Act 5 of 2026 effective on 1 March, 2026 and applicable in respect of years of assessment commencing on or after that date]

“share” means, in relation to any company, any unit into which the proprietary interest in that company is divided;

“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]

“shipbuilding structure” means any launching way, fitting–out quay or craneway which is not part of a building.

[Section 13 amended by section 30 of Act 60 of 2001 and by section 13(1)(a) of Act 42 of 2024. Subsection (9) added by section 17(1)(f) of Act 55 of 1966 and substituted by section 13(1)(c) of Act 88 of 1971]

“Short-term Insurance Act” means the Short-term Insurance Act, 1998 (Act No. 53 of 1998);

‘short-term insurance business’ means-

(a)     short-term insurance business as defined in the Short-term Insurance Act;

(b)     micro-insurance business as defined in section 1 of the Insurance Act; or

(c)     business conducted by a foreign reinsurer as contemplated in paragraph (c) of the definition of ‘short-term insurer’

[Definition of “short-term insurance business” substituted by section 52 of Act 25 of 2015 (substitution by section 52 of Act 25 of 2015 deleted by section 107 of Act 23 of 2018 effective on 8 January 2016) and substituted by section 50 of Act 23 of 2018 effective on 1 July 2018, applies to years of assessment ending on or after that date]