Mineral and Petroleum Resources Royalty Act, 2008 (Act No. 28 of 2008)9. Rollover relief for disposals involving going concerns |
| (1) | For purposes of this Act a disposal of a mineral resource by an extractor that forms part of the disposal of a going concern, or of a part of a going concern which is capable of separate operation, by that extractor to any other extractor is deemed not to be a disposal. |
| (1A) | For purposes of this Act a disposal of a mineral resource by an extractor to any other extractor is deemed not to be a disposal, if— |
| (a) | the mineral resource is disposed of to another extractor in terms of— |
| (i) | an asset-for-share transaction mentioned in section 42 of the Income Tax Act; |
| (ii) | an amalgamation transaction mentioned in section 44 of the Income Tax Act; |
| (iii) | an intra-group transaction mentioned in section 45 of the Income Tax Act; |
| (iv) | a liquidation distribution mentioned in section 47 of the Income Tax Act; or |
| (v) | any transaction which would have constituted a transaction or distribution mentioned in subparagraphs (i) to (iv) regardless of whether that extractor acquired that mineral resource as a capital asset or as trading stock; and |
| (b) | the extractor to whom the mineral resource is disposed of, immediately after a transaction contemplated in paragraph (a) (i), (ii), (iii), (iv) or (v), qualifies for registration in terms of section 2 (1) (a) of the Administration Act. |
| (2) | For purposes of this Act an extractor that acquires a mineral resource in terms of a disposal mentioned in subsection (1) is deemed to be the extractor that won or recovered the mineral resource. |