Uncertificated Securities Tax Act, 1998 (Act No. 31 of 1998)5. Change in beneficial ownership in securities effected by a participant |
| (1) | Unless tax is payable on a transaction contemplated in section 4, the taxable amount in respect of any change in beneficial ownership in a security or part thereof effected by a participant, shall be— |
| (a) | where the full beneficial ownership in that security is acquired— |
| (i) | the amount of the consideration for that security declared by the person who acquires beneficial ownership of that security; |
or
| (ii) | if no amount of consideration referred to in subparagraph (i) is declared, or if the amount so declared is less than the lowest price of the securities on the date of the relevant transaction or other manner of acquisition, the closing price of the security on the date of the relevant transaction or other manner of acquisition; or |
| (b) | where any of the rights or entitlements in the beneficial ownership of that security is acquired, the greater of— |
| (i) | the amount of the consideration declared by the person who acquires beneficial ownership of those rights or entitlements; |
or
| (ii) | the fair market value of those rights or entitlements on the date of acquisition. |
| (2) | The participant shall be liable for the tax payable in respect of the change in beneficial ownership in a security or part thereof contemplated in this section. |