14. Amendment of section 38 of the principal enactment

Section 38 of the principal enactment is hereby amended by the insertion immediately after subsection (1)

of that section, of the following new subsection: -

“(1A) Notwithstanding anything to the contrary in subsection (1), the consideration received for the realisation of an investment asset of a person shall be the amount received or receivable by the person in

Act, No. 10 of 2021

respect of such asset or the assessed value at the time of realisation, whichever is higher:

Provided, however, a tax official may determine the consideration received for an asset in terms of subsection (1), if such tax official is of the opinion that the assessed value is not indicative of the market value of such asset.

For the purpose of this subsection, “assessed value”

means the value at the time of the realisation, certified by a professionally qualified valuer in a valuation report.”.