oa Meditari : Research Journal of the School of Accounting Sciences - The court decision in the case of Woulidge - a practical application
|Article Title||The court decision in the case of Woulidge - a practical application|
|© Publisher:||University of Pretoria|
|Journal||Meditari : Research Journal of the School of Accounting Sciences|
|Author||C. West and P. Surtees|
|Publication Date||Jan 2002|
|Pages||259 - 294|
|Keyword(s)||Anti-avoidance, Attribution, Capital gains tax, Distribution, Estate planning, Interest-free loans, Joss, Limits, Ovenstone, Para 69, Para 70, S 25B(1), S 7(3), S 7(5), Trusts and Woulidge|
This article comprises an attempt to find a practical method of applying the decision in the case of the Commissioner for the South African Revenue Service v Woulidge (63 SATC 483) ('Woulidge' ) to limit the application of section 7(3) of the Income Tax Act ('the Act'). It is proposed in this article that Woulidgewould also apply to the provisions of section 7(5) and paragraphs 69 and 70 of the Eighth Schedule to the Act. The approach proposed is illustrated by means of examples. The approach adopted by the Commissioner for the South African Revenue Service is also discussed. A conclusion is drawn regarding the practicality of applying Woulidgein the light of the examples.
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