"return of capital"
means any amount transferred by a company that is a resident for the benefit or on behalf of any person in respect of any share in that company to the extent that that transfer results in a reduction of contributed tax capital of the company, whether that amount is transferred—
| (a) | by way of a distribution made by; or |
| (b) | as consideration for the acquisition of any share in, |
that company, but does not include any amount so transferred to the extent that the amount so transferred constitutes—
| (i) | shares in the company; or |
| (ii) | an acquisition by the company of its own securities by way of a general repurchase of securities as contemplated in subparagraph (b) of paragraph 5.67(B) of section 5 of the JSE Limited Listings Requirements, where that acquisition complies with any applicable requirements prescribed by paragraphs 5.68 and 5.72 to 5.81 of section 5 of the JSE Limited Listings Requirements or by way of a general repurchase of securities as contemplated in the listings requirements of any other exchange, licensed under the Financial Markets Act, that are substantially the same as the requirements prescribed by the JSE Limited Listings Requirements, where that acquisition complies with the applicable requirements of that exchange; |
[Paragraph (b)(ii) substituted by section 2(1)(g) of the Taxation Laws Amendment Act, 2019 (Act No. 34 of 2019), GG 42951, dated 15 January 2020 - deemed to come into operation on 1 March 2019 (Section 2(2)]