SARS has replaced BCR008 on the 11th of March 2015.
The ruling deals with the tax consequences for pensioners whose former employers purchase annuity policies from insurers in the pensioners’ names. This is done in settlement of the employer’s obligation to pay medical aid contribution subsidies to ensure the pensioners continue to be members of medical aid schemes.
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.