10 July 2009
Binding Private Ruling No. 038
SARS ATR Division
SARS issued Binding Private Ruling No. 038 on 7 July 2009.
This ruling deals with the tax implications for a resident relating to a single premium whole-of-life insurance policy issued by a registered offshore long-term insurer, more specifically, whether an amount will be regarded as having been received by or accrued to or in favour of a policyholder during the existence of the policy and whether the termination of the policy, either as a result of surrender or maturity, will result in a disposal in the hands of the policyholder for capital gains tax purposes.
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