63A.    Public benefit organisations

 

A public benefit organisation approved by the Commissioner in terms of section 30(3) must disregard any capital gain or capital loss determined in respect of the disposal of an asset if –

 

(a)     that public benefit organisation did not use that asset on or after valuation date in carrying on any business undertaking or trading activity; or

 

(b)     substantially the whole of the use of that asset by that public benefit organisation on and after valuation date was directed at –

 

(i)      a purpose other than carrying on a business undertaking or trading activity; or

 

(ii)     carrying on a business undertaking or trading activity contemplated in section 10(1)(cN)(ii)(aa), (bb) or (cc).