C o n t e n t s

E d i t o r i a l L o a n s O r C r e d i t A d va n c e d T o T r u s t s B y C o n n e ct e d P e r s o n s .................................... 101

Volume 65 No 6 June 2016 www.taxpayer.co.za Editors D M DAVIS B Com LLB M Phil LLD (hc) Judge of the High Court of South Africa T S EMSLIE SC, BA LLB B Com (Hons) (Taxation) MBA Advocate of the High Court of South Africa, Door Tenant at Pump Court Tax Chambers, London J L VAN DORSTEN BA LLB LLM MBA PG Dip Tax Law Advocate of the High Court of South Africa P J DACHS BA LLB LLM PG Dip Tax Law Attorney of the High Court of South Africa Assistant Editor C A EMSLIE BA LLB LLM (Taxation) Advocate of the High Court of South Africa

C a s e L a w I n c ome Tax – S e t Off Of I n c ome Against Balance Of As s e s s e d Los s – Whether S ect i on 1 0 3 ( 2 ) Appl i c abl e .................................... 102 Value-Added Tax – Clawback Of I n p u t Tax Due To Non-PayMent Of I nvo i c e After Twelve Months – Whether Credit i ng A Loan Acount Consituted The Payment Of Consideration .................................... 114