In June 2019, Anchor, one of SA’s most inventive and newly established local money managers, sent messages to Naspers shareholders warning they might be facing a capital gains tax surprise as part of Naspers’ partial listing on the Amsterdam exchange, and proposing a solution.
The intention is that the manoeuvre will reduce the discount at which Naspers trades to its Chinese investment, TenCent. Shareholders need to decide whether this scheme will work or not. Naspers is, to face facts, now a very large stock on the JSE, worth around 22% of the entire exchange. It has effectively outgrown the local market.
According to Anchor CEO Peter Armitage, the idea won’t suit everyone and is really designed for people who want to diversify their interests. If you do it with the intention of avoiding CGT, the receiver could come after you, he acknowledges. But, he argues, it’s not a tax avoidance scheme, because ultimately you will have to pay the CGT when the funds are withdrawn.
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