On 19 May 2020, the National Treasury published the 2nd revised 2020 Draft Disaster Management Tax Relief Bill and revised Draft Notice on Expanding Access to Living Annuity Funds with related documents. These documents announce certain tax measures to combat the economic effect of the national lockdown due to the COVID-19 pandemic, where one of the measures include expanding the access to living annuity funds. The documents have been through the consultation process earlier in May 2020 and the revised publications consider some of the issues raised.
The revised draft documents are available on the National Treasury’s website.
The dates relating to expanding access to living annuity funds have been amended. In particular, the initial proposed dates to expand access to living annuities for a limited period of four months was set to begin on 1 May 2020 and end on 31 August 2020. This has now been amended to begin on 1 June 2020 and end on 30 September 2020.
To read our previous article on Expanding access to living annuity funds, click here.