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Thanks Orca

Moon - Not at loggerheads - just a view which seems diametrically opposed to yours - so don't take umbrage when others have a different view or don't subscribe to your views, after all this is a forum for expressing opinions. Also not everybody expresses opinions on this forum so your statement "Funny nobody .......... consequences" seems somewhat dismissive of peoples views on Brexit
So let's both suck it up and move on as it is obvious we differing views of local and external markets

Haven't taken 'umbrage'. Was I rude or nasty ? Merely expressed my opinion and don't care who agrees or disagrees. Food for thought for the forum members that's all, besides it adds spice to a discussion if not everyone has the same view point me thinks. Seems that only Orca has realised the consequences of a Brexit. Where are the people in this forum whose views on Brexit I am supposed to be dismissive of ? If I am getting on everyone's t**s maybe this is my last post here.

@gcr ANC stuff playing second fiddle to Brexit. Have you checked the world markets ?

Nevermind I re-read the second part and it is only a CGT event if the capital returned is more than the acquisition cost....

I noted a new tax section regarding a capital return that could trigger a CGT event  in my Standard Bank CGT statement (see at end):

My interpretation (am I right?) is that this could affect Aspen which does not pay a dividend but use a "capital returned".
(1) If share bought before 1 Apr 2012 then its cost is reduced by the capital returned
(2) If share bought after 1 Apr 2012 then it triggers capital gains event for the tax year in which the capital is returned

Return of capital on or after 1 April 2012 on post-valuation date shares.

Only base cost is reduced - no CGT (unless the return of capital was greater than the original base cost when there would be CGT payable and the base cost would of course be nil - Very unlikely and rare I would assume).

Remember pre-valuation date is 1st October 2001. I assume you aquired APN after that date. If not it gets a little more complicated.

I also have APN - dividend was paid by way of a capital reduction - the base cost was lowered accordingly and definitely no CGT.
CGT only payable on disposal of APN (if held on capital account).

"With effect from 1 April 2012 a return of capital will no longer trigger a part-disposal of a share. Instead, it will be treated as a reduction of the base cost of the share."



216 cents per ordinary share was the last dividend by way of capital reduction (no cgt and no withholding tax).

I wonder whether Fitch took into account the dismal GDP figure, because that came out only about 20 minutes before the Fitch grading ?

Patrick, wait for mini budget in October - and then decide

Quote from: Orca on May 31, 2016, 04:27:25 pm

As you are tax resident in SA, you will pay income tax on your world wide trading. You will be applying your mind and effort in SA for the trading and that is where you will be taxed.

According to my ITR12 return it calls for a declaration on foreign investment interest income. Further under CGT it calls for local gains and losses in Rand, no mention of foreign CGT gains/losses over base figure. So either SARS or I have to activate foreign CGT operations. So not sure whether I really need to report activity on transactions in foreign currencies
May need to talk to a tax expert

As from 1 October 2001, Capital Gains Tax (CGT) applies to a resident’s worldwide
assets and to a non-resident’s immovable property or assets of a permanent
establishment in South Africa.

All capital gain transactions must be declared. Local and foreign transactions should be declared separately, with the exception of the disposal of shares which can be grouped together per certificate received.

The income tax return makes provision for you to declare ten local and ten foreign capital gain or loss transactions, therefore requiring you to declare each transaction separately. Where multiple disposals of shares (that is administered by a single administrator) take place and the disposal of such shares are reported on a single certificate, the disposals reflected on the certificate can be treated as one disposal

@gcr I think you may have to wait till tomorrow when the apportionment of costs are announced.