TCT Leisure (Pty) Ltd v Commissioner for the South African Revenue Services (59/09) [2010] ZASCA 10

12th March 2010

Summary: VAT Act 89 of 1991; 'equity security' exemption s 12; the goods 'supplied' comprised preferent shares and other discrete rights; because the rights were not included in the shares, the 'equity security' exemption in s 12(a) was not applicable; the turnover from the sale of the rights was therefore subject to VAT.

On appeal from: Special Tax Court (Durban) (Hurt J presiding):

The appeal is dismissed with costs including the costs of two counsel.