§ 46 — Tax deducted from interests, etc.

46.—(1) Any tax —(a)

which a person has deducted from any interest or other payment under section 45, 45A, 45C, 45D, 45E(1)(a), 45GA or 45H or has deducted from any remuneration under section 45B;

(b)

applicable to the share to which any person is entitled in the income of a body of persons (other than trustees);

(c)

which a person has deducted from any payment under section 45F in respect of income accrued to or derived by any person who has made an option under section 43(5); or

(d)

which a trustee of a real estate investment trust or a trustee of an approved REIT exchange‑traded fund has deducted from any distribution to any person referred to in section 45G(1)(b),

must, when the income from which the tax has been deducted or when the share mentioned in paragraph (b) is included in the chargeable income of any person, be set‑off for the purpose of collection against the tax charged on that chargeable income.

[45/2018]

(1A) [Deleted by Act 19 of 2013]

(2) Any tax which has been collected under section 45EA must, when the income in respect of which the tax has been collected is included in the chargeable income of the SRS member in question, be set‑off for the purpose of collection against the tax charged on that chargeable income.[2/2016]

(3) The reference in subsection (2) to income in respect of which tax has been collected is a reference to —(a)

the amount deemed as income of the SRS member under section 10G(3) or (3G) (as the case may be) wholly or partly because of the deduction of any investment from the balance in the SRS account for which the tax has been collected; or

(b)

the amount deemed as income of the SRS member under section 10G(6), (7) or (9) (as the case may be), if the deduction of any investment from the balance in the SRS account for which the tax has been collected is made after —(i)

the balance (excluding any life annuity) remaining in the SRS account is deemed withdrawn under section 10G(6) or (7); or

(ii)

the sum standing in the SRS account is deemed withdrawn under section 10G(9),

as the case may be.

[2/2016]

—(1) Any tax —(a)

which a person has deducted from any interest or other payment under section 45, 45A, 45C, 45D, 45E(1)(a), 45GA or 45H or has deducted from any remuneration under section 45B;

(b)

applicable to the share to which any person is entitled in the income of a body of persons (other than trustees);

(c)

which a person has deducted from any payment under section 45F in respect of income accrued to or derived by any person who has made an option under section 43(5); or

(d)

which a trustee of a real estate investment trust or a trustee of an approved REIT exchange‑traded fund has deducted from any distribution to any person referred to in section 45G(1)(b),

must, when the income from which the tax has been deducted or when the share mentioned in paragraph (b) is included in the chargeable income of any person, be set‑off for the purpose of collection against the tax charged on that chargeable income.

[45/2018]

(1A) [Deleted by Act 19 of 2013]

(2) Any tax which has been collected under section 45EA must, when the income in respect of which the tax has been collected is included in the chargeable income of the SRS member in question, be set‑off for the purpose of collection against the tax charged on that chargeable income.[2/2016]

(3) The reference in subsection (2) to income in respect of which tax has been collected is a reference to —(a)

the amount deemed as income of the SRS member under section 10G(3) or (3G) (as the case may be) wholly or partly because of the deduction of any investment from the balance in the SRS account for which the tax has been collected; or

(b)

the amount deemed as income of the SRS member under section 10G(6), (7) or (9) (as the case may be), if the deduction of any investment from the balance in the SRS account for which the tax has been collected is made after —(i)

the balance (excluding any life annuity) remaining in the SRS account is deemed withdrawn under section 10G(6) or (7); or

(ii)

the sum standing in the SRS account is deemed withdrawn under section 10G(9),

as the case may be.

[2/2016]