(2)     Notwithstanding the exemptions provided for in paragraphs (h) and (k) of subsection (1)-

(a)     ……….

(b)     the said exemptions shall not apply in respect of any portion of an annuity.

(3)     The exemptions from tax provided by any paragraph of subsection (1) shall not extend to-

(a)     any payments out of the receipts, accruals, amounts or profits mentioned in such paragraph; or

(b)     any tax leviable under this Act in respect of any taxable capital gain determined in accordance with the Eighth Schedule.

(4) . . . . . .

(5)

(a)     A person is disqualified from managing the collective interests common to all its members as mentioned in subsection (1)(e)(i)(cc)(A) if that person is disqualified in terms of section 6 of the Trust Property Control Act, 1988 (Act 57 of 1988), section 25A of the Nonprofit Organisations Act, 1997 (Act 71 of 1997), or section 69 of the Companies Act.

(b)     A person who manages the collective interests common to all its members, as mentioned in subsection (1)(e)(i)(cc)(A) in contravention of paragraph (a), shall be guilty of an offence and liable, on conviction, to a fine or to imprisonment for a period not exceeding 24 months.

[Subsection (5) added by section 3 of Act 18 of 2023]