Taking the wrong road in the capital/revenue enquiry: the controversial case of the share incentive trust

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dc.contributor.advisorEmslie, Trevor
dc.contributor.authorEsat, Intikab-Alam
dc.date.accessioned2026-02-20T08:00:54Z
dc.date.available2026-02-20T08:00:54Z
dc.date.issued1993
dc.date.updated2026-02-20T07:56:50Z
dc.description.abstractIt is sometimes said that taxation is the price we pay for civilisation. 1 What is perhaps not said as often is that not every citizen or organisation pays taxes, nor are many of them, and justifiably at that, obliged to do so. The share incentive trust, according to the highest court of the land, is one such organisation. After a chequered, controversial, and sometimes protagonistic seven-year history, the Appellate Division of the Supreme Court, in C.I.R. vs Pick 'N Pay Employee Share Purchase Trust2 ruled, by a majority of 3-2, that share incentive trusts, as presently structured, are not liable for normal income tax on profits made through dealing in its founder company's shares. The Rise of the Share Incentive Trust During the boom years of the stock exchange in the late 1960's, the idea of providing a tax-free employment fringe benefit for corporate employees by the use of stock option plans gained widespread popularity. 3 Key management staff were granted options to purchase shares in their employer company exercisable in the future (subject to continued employment) at the market value prevailing on the date the options had been granted.
dc.identifier.apacitationEsat, I. (1993). <i>Taking the wrong road in the capital/revenue enquiry: the controversial case of the share incentive trust</i>. (). University of Cape Town ,Faculty of Law ,Centre for Law and Society. Retrieved from http://hdl.handle.net/11427/42870en_ZA
dc.identifier.chicagocitationEsat, Intikab-Alam. <i>"Taking the wrong road in the capital/revenue enquiry: the controversial case of the share incentive trust."</i> ., University of Cape Town ,Faculty of Law ,Centre for Law and Society, 1993. http://hdl.handle.net/11427/42870en_ZA
dc.identifier.citationEsat, I. 1993. Taking the wrong road in the capital/revenue enquiry: the controversial case of the share incentive trust. . University of Cape Town ,Faculty of Law ,Centre for Law and Society. http://hdl.handle.net/11427/42870en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Esat, Intikab-Alam AB - It is sometimes said that taxation is the price we pay for civilisation. 1 What is perhaps not said as often is that not every citizen or organisation pays taxes, nor are many of them, and justifiably at that, obliged to do so. The share incentive trust, according to the highest court of the land, is one such organisation. After a chequered, controversial, and sometimes protagonistic seven-year history, the Appellate Division of the Supreme Court, in C.I.R. vs Pick 'N Pay Employee Share Purchase Trust2 ruled, by a majority of 3-2, that share incentive trusts, as presently structured, are not liable for normal income tax on profits made through dealing in its founder company's shares. The Rise of the Share Incentive Trust During the boom years of the stock exchange in the late 1960's, the idea of providing a tax-free employment fringe benefit for corporate employees by the use of stock option plans gained widespread popularity. 3 Key management staff were granted options to purchase shares in their employer company exercisable in the future (subject to continued employment) at the market value prevailing on the date the options had been granted. DA - 1993 DB - OpenUCT DP - University of Cape Town KW - Case KW - Share incentive trust LK - https://open.uct.ac.za PB - University of Cape Town PY - 1993 T1 - Taking the wrong road in the capital/revenue enquiry: the controversial case of the share incentive trust TI - Taking the wrong road in the capital/revenue enquiry: the controversial case of the share incentive trust UR - http://hdl.handle.net/11427/42870 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/42870
dc.identifier.vancouvercitationEsat I. Taking the wrong road in the capital/revenue enquiry: the controversial case of the share incentive trust. []. University of Cape Town ,Faculty of Law ,Centre for Law and Society, 1993 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/42870en_ZA
dc.language.isoen
dc.language.rfc3066eng
dc.publisher.departmentCentre for Law and Society
dc.publisher.facultyFaculty of Law
dc.publisher.institutionUniversity of Cape Town
dc.subjectCase
dc.subjectShare incentive trust
dc.titleTaking the wrong road in the capital/revenue enquiry: the controversial case of the share incentive trust
dc.typeThesis / Dissertation
dc.type.qualificationlevelMasters
dc.type.qualificationlevelLLM
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