Attempting to limit the attribution of capital gains

 

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dc.contributor.author West, C
dc.contributor.author Roeleveld, J
dc.date.accessioned 2016-08-15T12:09:59Z
dc.date.available 2016-08-15T12:09:59Z
dc.date.issued 2005
dc.identifier.citation West, C., & Roeleveld, J. (2003). Attempting to limit the attribution of capital gains. Meditari Accountancy Research, 11(1), 221-242.
dc.identifier.issn 2049-372X
dc.identifier.uri http://hdl.handle.net/11427/21241
dc.description.abstract Paragraphs 68 to 72 of the Eighth Schedule to the Income Tax Act No. 58 of 1962 (‘the Act’) were inserted to perform the same function as that of section 7, namely to attribute income in cases in which the taxpayer has disposed of that source of income by means of donation, settlement or other disposition. Paragraph 73 of the Eighth Schedule to the Act was inserted to limit the total amount that is attributed to the donor in a year in which both income (in terms of section 7) and a capital gain (in terms of the attribution paragraphs 68 to 72) are to be attributed. The unclear construction of the section and, it is submitted, the inaccurate interpretation of this paragraph by the South African Revenue Services (‘SARS’) has made it difficult to interpret this paragraph. This article attempts to evaluate prevailing legal precedent and to apply such precedent to the paragraphs on attribution in order to arrive at an appropriate interpretation of paragraph 73. The approach adopted by SARS is also examined in the light of the above interpretation and application of prevailing legal precedent. Lastly, amendments to the legislation are proposed to clarify the legislation and to provide a structured approach in the consideration of the intention of the legislature.
dc.language.iso eng
dc.source Meditari Accountancy Research
dc.source.uri http://www.emeraldinsight.com/loi/medar
dc.subject.other Interest-free loans
dc.subject.other Attribution
dc.subject.other Distribution
dc.subject.other Capital gains
dc.subject.other tax
dc.subject.other Anti-avoidance
dc.title Attempting to limit the attribution of capital gains
dc.type Other
dc.date.updated 2015-12-23T10:14:18Z
dc.publisher.institution University of Cape Town
dc.publisher.faculty Faculty of Commerce en_ZA
dc.publisher.department Faculty Commerce: ABC en_ZA
uct.type.filetype Text
uct.type.filetype Image
dc.identifier.apacitation 2005. <i>Attempting to limit the attribution of capital gains.</i> http://hdl.handle.net/11427/21241 en_ZA
dc.identifier.chicagocitation . 2005. <i>Attempting to limit the attribution of capital gains.</i> http://hdl.handle.net/11427/21241 en_ZA
dc.identifier.vancouvercitation . 2005. <i>Attempting to limit the attribution of capital gains.</i> http://hdl.handle.net/11427/21241 en_ZA
dc.identifier.ris TY - AU - West, C AU - Roeleveld, J AB - Paragraphs 68 to 72 of the Eighth Schedule to the Income Tax Act No. 58 of 1962 (‘the Act’) were inserted to perform the same function as that of section 7, namely to attribute income in cases in which the taxpayer has disposed of that source of income by means of donation, settlement or other disposition. Paragraph 73 of the Eighth Schedule to the Act was inserted to limit the total amount that is attributed to the donor in a year in which both income (in terms of section 7) and a capital gain (in terms of the attribution paragraphs 68 to 72) are to be attributed. The unclear construction of the section and, it is submitted, the inaccurate interpretation of this paragraph by the South African Revenue Services (‘SARS’) has made it difficult to interpret this paragraph. This article attempts to evaluate prevailing legal precedent and to apply such precedent to the paragraphs on attribution in order to arrive at an appropriate interpretation of paragraph 73. The approach adopted by SARS is also examined in the light of the above interpretation and application of prevailing legal precedent. Lastly, amendments to the legislation are proposed to clarify the legislation and to provide a structured approach in the consideration of the intention of the legislature. DA - 2005 DB - OpenUCT DP - University of Cape Town J1 - Meditari Accountancy Research LK - https://open.uct.ac.za PB - University of Cape Town PY - 2005 SM - 2049-372X T1 - Attempting to limit the attribution of capital gains TI - Attempting to limit the attribution of capital gains UR - http://hdl.handle.net/11427/21241 ER - en_ZA


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