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Was the Section 12J incentive pulled too quickly? WORDS ON WEALTH: Almost 12 years ago, in July 2009, the government implemented an initiative it hoped would stimulate small-business development, boost the economy and create employment. Investors, comprising wealthy individuals, companies and trusts, would receive generous tax break for investing in venture capital companies (VCCs). The VCCs, in turn, would use the money to fund qualifying young businesses with high growth potential. These investment schemes came to be known as Section 12J schemes, after the section of the Income Tax Act that provided for the tax break. The deal was that you could deduct the entire investment from your taxable income, provided you remained invested for five years. This was a very generous incentive, particularly for individuals in the top marginal tax bracket of 45%. A man earning R2 million a year could, by investing R500 000, reduce his tax bill by R225 000.

South africaUnited kingdomSouth africanJeff millerJ association of south africaVenture capital trustDj associationEquity association savcaSa national treasuryIncome tax actBudget reviewNational treasurySouth african venture capitalPrivate equity associationஒன்றுபட்டது கிஂக்டம்ஜெஃப் மில்லர்