S.L. 123.55 Art. 35Applicabilityofthe Act to transfers of property.

(1) The provisions of the Act shall apply without reference to these rules for the purpose of determining any tax chargeable in the hands of the provider of a benefit upon a transfer to which rule 32 applies.

(2) When property is transferred by way of a benefit to which rule 32 applies and the beneficiary subsequently transfers that property, and where the cost of acquisition of that property is relevant in terms of the Act for the purpose of determining the tax chargeable in the hands of the beneficiary upon the said subsequent transfer, the said cost shall be deemed to be an amount equivalent to the consideration actually paid by the beneficiary for the acquisition of the property increased by the value of the said benefit.