n Tax Breaks Newsletter - Court defines 'annuity' for income tax purposes : from the courts

Volume 2006, Issue 244
  • ISSN :



Extracted from text ... Moneyweb's TAX BREAKS May 2006 7 FROM THE COURTS Court defines 'annuity' for income tax purposes THE DECISION in KBI v Hogan 1993 (4) SA 150 (A), 11 SATC 279 authoritatively defined what constitutes an "annuity" for purposes of the Income Tax Act. PricewaterhouseCoopers elaborates: In that case, the taxpayer in effect exchanged his delictual claim for damages arising out of a motor accident (which would have entitled him to receive a lump sum of a capital nature) for a contractual obligation in terms of which he would instead be paid monthly instalments for as long as he lived. It ..

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