(i)      in the case of any taxpayer who is a natural person, so much of the aggregate of any interest received by or accrued to his or her, other than interest in respect of a tax free investment as defined in section 12T(1), from a source in the Republic as does not during the year of assessment exceed—

(i)      in the case of any person who was or, had he or she lived, would have been at least 65 years of age on the last day of the year of assessment, the amount of R34 500; or

(ii)     in any other case, the amount of R23 800;

[Subparagraph (ii) substituted by section 6(1) of Act 23 of 2013 deemed effective on 1 March, 2013 and applicable in respect of years of assessment commencing on or after that date]

Provided that where any person’s year of assessment is less than a period of 12 months, the amount that shall be exempt from normal tax under subparagraph (i) or (ii) shall be the amount that bears to the amount referred to in that subparagraph the same ratio as the number of days in that year of assessment bears to 365 days;

[Paragraph (i) amended by section 7(a) of Act 72 of 1963, substituted by section 8(a) of Act 90 of 1964, by section 10(b) of Act 88 of 1965, by section 11(b) of Act 55 of 1966 and by section 8(1)(a) of Act 76 of 1968, amended by section 13(1)(d)-(f) of Act 89 of 1969, by section 9(1)(a) and (b) of Act 52 of 1970, by section 9(a) of Act 88 of 1971, by section 7(1)(a) of Act 90 of 1972, by section 7(1)(a) and (b) of Act 65 of 1973, by section 10(1)(f)-(h) of Act 85 of 1974, by section 9(b) of Act 103 of 1976, by section 8(1) of Act 113 of 1977, by section 4(1) of Act 101 of 1978, by section 7(1)(a)-(f) of Act 104 of 1979, by section 7(1)(b) and (c) of Act 104 of 1980, by section 8(1)(e)-(i) of Act 96 of 1981, by section 6(1)(b)-(g) of Act 91 of 1982, by section 9(1)(d) of Act 94 of 1983, by section 6(1)(c)-(e) of Act 96 of 1985, by section 7(c) and (d) of Act 65 of 1986, by section 3(1)(a)-(c) of Act 108 of 1986, by section 9(1)(e) and (f) of Act 85 of 1987, by section 10(1)(c)-(i) of Act 101 of 1990, by section 8(1)(n) of Act 36 of 1996, by section 21(1)(f) and (g) of Act 30 of 2000, by section 9(b) and (c) of Act 19 of 2001, by section 13(1)(a) of Act 30 of 2002, by section 36 of Act 12 of 2003, by section 26(1)(c) and (d) of Act 45 of 2003, by section 8 of Act 16 of 2004, by section 5 of Act 9 of 2005, by section 23(a)-(c) of Act 9 of 2006, by section 2(2)(b) and section 10(1)(f) of Act 8 of 2007, by section 1(2)(c) of Act 3 of 2008, by section 13(1)(d) of Act 17 of 2009, by section 18(1)(h) and (i) of Act 7 of 2010 and by section 28(1)(j) of Act 24 of 2011, substituted by section 28(1)(k) of Act 24 of 2011 and amended by section 14(1)(e) of Act 43 of 2014 and by section 5(1) of Act 20 of 2022 with effect from 1 March, 2023 and applicable in respect of years of assessment commencing on or after that date]