Visit the national COVID-19 Online Resource and News Portal at www.sacoronavirus.co.za or see SARS COVID-19 news items and tax relief measures here.

Exclusions and roll-overs

Exclusions

A capital gain or loss determined in respect of the disposal of a personal-use asset of a natural person or a special trust must be disregarded.

A personal-use asset is defined as –

‘an asset of a natural person or a special trust that is used mainly for purposes other than the carrying on of a trade’.

Examples of personal-use assets include artwork, jewellery, household furniture and effects, a microlight aircraft or hang glider, veteran cars, private motor vehicles (including a vehicle used mainly for business purposes in respect of which a travel allowance is received), stamp or coin collections (but excluding gold or platinum coins whose value is mainly derived from the metal content). In order to qualify as a personal-use asset the asset must be used ‘mainly’ for non-trade purposes. The word ‘mainly’ has been held to mean more than 50%.
 
Certain assets are excluded from personal-use assets.
 

Roll-overs

A capital gain arising on the disposal of an asset other than a financial instrument by operation of law (for example, expropriation), theft or destruction is held over until the disposal of its replacement asset.

Table of Contents

Last Updated:

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email
Share on print
Print