13.     Time of disposal

(1)     The time of disposal of an asset by means of-

(a)     a change of ownership effected or to be effected from one person to another because of an event, act, forbearance or by operation of law is, in the case of-

(i)      an agreement subject to a suspensive condition, the date on which the condition is satisfied;

(ii)     any agreement which is not subject to a suspensive condition, the date on which the agreement is concluded;

(iiA)  the distribution of an asset of a trust by a trustee to a beneficiary to the extent that the beneficiary has a vested interest in the asset, the date on which the interest vests;

(iiB)  the granting by a trust to a beneficiary of an equity instrument contemplated in section 8C, the time that equity instrument vests in that beneficiary as contemplated in that section;

[Subitem (iiB) inserted by section 107 of Act 25 of 2015 effective on 1 March 2016]

(iii)    a donation of an asset, the date of compliance with all legal requirements for a valid donation;

(iv)    the expropriation of an asset, the date on which the person receives the full compensation agreed to or finally determined by a competent tribunal or court;

(v)     the conversion of an asset, the date on which that asset is converted;

(vi)    the granting, renewal or extension of an option, the date on which the option is granted, renewed or extended;

(vii)   the exercise of an option, the date on which the option is exercised;

(viii)  the termination of an option granted by a company to a person to acquire a share, participatory interest or debenture of that company, the date on which that option terminates; or

(ix)    any other case, the date of change of ownership;

(b)     the extinction of an asset including by way of forfeiture, termination, redemption, cancellation, surrender, discharge, relinquishment, release, waiver, renunciation, expiry or abandonment, the date of the extinction of the asset;

(c)     the scrapping, loss or destruction of an asset is the date-

(i)      when the full compensation in respect of that scrapping, loss or destruction is received; or

(ii)     if no compensation is payable, the later of the date when the scrapping, loss or destruction is discovered or the date on which it is established that no compensation will be payable;

(d)     ……….

(e)     the distribution of an asset by a company to a holder of shares, is the date on which that asset is so distributed as contemplated in paragraph 75;

(f)      the decrease of a person’s interest in a company, trust or partnership as a result of a value shifting arrangement, is the date on which the value of that person’s interest decreases; or

(g)     the happening of an event contemplated in-

(i)      paragraph 12(2)(a), (b), (c), (d) or (e), 12(3) or 12(4), is the date immediately before the day that the event occurs; or

(ii)     paragraph 12(2)(f), is the date that that event occurs.

(2)     A person to whom an asset is disposed of is treated as having acquired that asset at the time of disposal of that asset as contemplated in subparagraph (1).