“Fixed rate instrument” definition of section 24J of ITA

“fixed rate instrument” means an instrument in terms of which the amount or amounts payable or receivable is or are or consists of or consist of

 

(a)     a specified amount or specified amounts;

 

(b)     an amount or amounts the method of calculation of which does not involve the application of a variable rate; or

 

(c)     any combination of amounts referred to in paragraph (a) or (b);