“controlling relationship” means a relationship where a person, whether alone or together with any one or more persons that are connected persons in relation to that person directly or indirectly hold at least 50 per cent of the equity shares or can exercise at least 50 per cent of the voting rights or participation rights, in a company;

[Definition of “controlling relationship” substituted by section 37(1)(c) of Act 43 of 2014, by section 19(1)(c) of Act 20 of 2021 and by section 26(1)(d) of Act 17 of 2023 with effect from 1 January, 2024 and applicable in respect of years of assessment commencing on or after that date]