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Perhaps SARS would ... reset the date to zero.

I normally would have sold all by now but cannot as my gains have been too high and I still have a year and a half left to pay CGT instead of normal tax.

19. Conclusion

Section 9C provides taxpayers with certainty that if they hold equity shares for at
least three continuous years the gains and losses on disposal will be of a capital
nature regardless of the intention with which the shares were originally acquired. The
section has a much wider application than its predecessor (section 9B) in that it
covers unlisted shares and a member’s interest in a close corporation instead of only
JSE-listed shares. But not all types of shares qualify under section 9C; for example,
non-participating preference shares, shares in foreign companies (other than JSE-
listed shares) and participatory interests in portfolios of collective investment
schemes in property fall outside section 9C. Its provisions are now mandatory and no
election is required or even possible. The wider ambit of section 9C has necessitated
the inclusion of a number of anti-avoidance measures. The capital or revenue nature
of shares disposed of within three years of acquisition will continue to be determined
according to principles laid down by case law.

Subsection (1) comes into operation on 1 January 2013 and applies in respect of years of assessment commencing on or after that date.

1) For the purposes of this section—

"connected person" means a connected person as defined in section 1, provided that the expression 'and no shareholder holds the majority voting rights of such company' in paragraph (d)(v) of that definition shall be disregarded;

"equity share" includes a participatory interest in a portfolio of a collective investment scheme in securities;

"qualifying share", in relation to any taxpayer, means an equity share, which has been disposed of by the taxpayer or which is treated as having been disposed of by the taxpayer in terms of paragraph 12 of the Eighth Schedule, if the taxpayer immediately prior to such disposal had been the owner of that share for a continuous period of at least three years excluding a share which at any time during that period was-

     a) a share in a share block company as defined in section 1 of the Share Blocks Control Act, 1980 (Act No. 59
         of 1980);

     b) a share in a company which, was not a resident, other than a company contemplated in paragraph (a) of
         the definition of "listed company"; or

     c) a hybrid equity instrument as defined in section 8E.

 

2) Any amount other than a dividend or foreign dividend received by or accrued to a taxpayer in respect of a
qualifying share shall be deemed to be of a capital nature.

 

2A)Subsection (2) does not apply in respect of so much of the amount received or accrued in respect of the disposal
of a qualifying share contemplated in that subsection as does not exceed the expenditure allowed in respect of that share in terms of section 12J(2).[Venture capital exclusion]

 

3)The provisions of this section shall not apply to any qualifying share if at the time of the disposal of that share the
taxpayer was a connected person in relation to the company that issued that share and-

a)more than 50 per cent of the market value of the equity shares of that company was attributable directly or
indirectly to immovable property other than—

i)immovable property held directly or indirectly by a person that is not a connected person to the
taxpayer; or

ii)immovable property held directly or indirectly for a continuous period of more than three years
immediately prior to that disposal; or

b)that company acquired any asset during the period of three years immediately prior to that disposal and
amounts were paid or payable by any person to any person other than that company for the use of that asset while that asset was held by that company during that period.

 

4)For purposes of this section, where—

a)any share has been lent by a lender to a borrower in terms of a securities lending arrangement, such
share shall for the purposes of the lender be deemed not to have been disposed of by the lender; and

b)any other share of the same kind and of the same or equivalent quantity and quality has been returned by
the borrower to the lender, such share and such other share shall be deemed to be one and the same share in the hands of the lender.

 

5)There shall in the year of assessment in which any qualifying share is disposed of by the taxpayer be included in
the taxpayer's income any expenditure or losses incurred in respect of such qualifying share and allowed as a deduction from the income of the taxpayer during that or any previous year of assessment in terms of section 11. Provided that this subsection must not apply in respect of any expenditure or loss to the extent that the amount of that expenditure or loss is taken into account in terms of section 8(4)(a) or section 19.

 

6)Where the taxpayer holds identical shares in the same company which were acquired by the taxpayer on
different dates and the taxpayer has disposed of any of those shares, the taxpayer shall for the purposes of this section be deemed to have disposed of the shares held by the taxpayer for the longest period of time.

 

7)The provisions of section 22(8 ) shall not apply as a result of the disposal of any qualifying share.

 

8)For the purposes of this section, where a company issues shares to a person in substitution of previously held
shares in that company by reason of a subdivision, consolidation or similar arrangement or a conversion contemplated in section 40A or 40B, such share and such previously held shares shall be deemed to be one and the same share if—

i)the participation rights and interests of that person in that company remain unaltered; and

ii)no consideration whatsoever passes directly or indirectly from that person to that company in relation
to the issued shares.

 

Subsection (1) comes into operation on 1 January 2013 and applies in respect of years of assessment commencing on or after that date.

Well, that now sadly changes to this.
Gain = R233 275
Less Rebate of R12 080 = R221 195
Tax = R31 627

Not too bad considering that normal tax on your R350 000 would have been R70 060