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BPR 132:Disposal of business as going concern by trust to company in exchange for shares in company

14 January 2013   (0 Comments)
Posted by: SAIT Technical
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By SARS Legal & Policy

Binding Private Ruling (BPR) 132 was issued by SARS on 14 January 2013.

This ruling deals with the disposal of a business as a going concern by a trust to a company, in exchange for shares in the company, and whether the transaction will qualify for the relief provided for under section 42 of the Income Tax Act.

This binding private ruling, issued in October 2012, applies to the year of assessment in which the proposed transaction is executed.

Please click here to download BPR 132


Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.


The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

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