“net capital gain” means the amount to be determined in terms of paragraph 8;
Category: Paragraph 1 (Eighth Schedule) – Definitions
Paragraph 1
- Definition of “active business asset” deleted by section 63 of Act 74 of 2002.
- Definition of “aggregate capital gain” deleted by section 49 of Act 3 of 2008.
- Definition of “aggregate capital loss” deleted by section 49 of Act 3 of 2008.
- Definition of “financial instrument” deleted by section 63 of Act 74 of 2002.
- Definition of “foreign currency” deleted by section 63 of Act 74 of 2002.
- Definition of “pre-valuation date asset” substituted by section 65 of Act 60 of 2001.
- Paragraph (a) of definition of “recognised exchange” substituted by section 51 of Act 32 of 2004 and amended by section 63 of Act 31 of 2005.
- Paragraph (b) of definition of “recognised exchange” deleted by section 51 of Act 32 of 2004.
- Paragraph (c) of definition of “recognised exchange” substituted by section 63 of Act 31 of 2005.
- Definition of “ruling price” inserted by section 65 of Act 60 of 2001.
- Definition of “special trust” inserted by section 63 of Act 74 of 2002.
- Definition of “taxable capital gain” deleted by section 49 of Act 3 of 2008.
- Paragraph (a) of definition of “valuation date” substituted by section 25 of Act 16 of 2004.
- Definition of “valuation date” substituted by section 90 of Act 45 of 2003.
- Paragraph (a) of definition of “value-shifting arrangement” substituted by section 65 of Act 60 of 2001.
- Paragraph (b) of definition of “value-shifting arrangement” substituted by section 65 of Act 60 of 2001.
“Personal-use asset” definition of Eighth Schedule
“personal-use asset” means an asset contemplated in paragraph 53;
“Pre-valuation date asset” definition of Eighth Schedule
“pre-valuation date asset” means an asset acquired prior to valuation date by a person and which has not been disposed of by that person before valuation date;
“Primary residence” definition of Eighth Schedule
“primary residence” means a primary residence contemplated in paragraph 44;
“Proceeds” definition of Eighth Schedule
“proceeds” means the amount to be determined in terms of Part VI;
“Recognised exchange” definition of Eighth Schedule
“recognised exchange” means-
(a) an exchange licensed under the Financial Markets Act; or
[Paragraph (a) substituted by section 51 of Act 32 of 2004, amended by section 63 of Act 31 of 2005 and substituted by section 78 of Act 43 of 2014 effective on 3 June 2013]
(b) ……….
(c) an exchange in a country other than the Republic which is similar to an exchange contemplated in paragraph (a) and which has been recognised by the Minister for purposes of this Schedule by notice in the Gazette;
“Residence” definition of Eighth Schedule
“residence” means a residence contemplated in paragraph 44;
“Ruling price” definition of Eighth Schedule
“ruling price” means-
(a) in the case of a financial instrument listed on a recognised exchange in the Republic, the last sale price of that financial instrument at close of business of the exchange, unless there is a higher bid or a lower offer on that day subsequent to the last sale in which case the price of that higher bid or lower offer will prevail; or
(b) in the case of a financial instrument listed on a recognised exchange outside the Republic, the ruling price of that financial instrument as determined in item (a) and if the ruling price is not determined in this manner by that exchange, the last price quoted in respect of that financial instrument at close of business of that exchange.
“Special trust” definition of Eighth Schedule
“special trust” means a trust contemplated in paragraph (a) of the definition of “special trust” in section 1;
“Valuation date” definition of Eighth Schedule
“valuation date” means-
(a) in the case of any person who after 1 October 2001 ceases to be an exempt person for purposes of paragraph 63, the date on which that person so ceases to be an exempt person; or
(b) in any other case, 1 October 2001;