A recent development in the financial service industry is the introduction of the fractional share right that allows a retail investor to invest in a fraction of a listed equity share. Fractional share right is not defined in the Income Tax Act No. 58 of 1962 (‘the Act’), nor has it been subject to scrutiny in South African courts. Uncertainty exists regarding the normal tax implications of fractional share rights in South Africa. This article investigated the possible normal tax implications of a fractional share right for a retail investor. The research followed a qualitative approach through the analysis of primary and secondary sources. The article established that a fractional share right is essentially a contract for difference, with a fraction of a listed equity share serving as the reference instrument. It was ascertained, based on a combination of the integration and bifurcation approaches, that a contract for difference in respect of a fractional share right constitutes a financial instrument for purposes of the Act. Due to the absence of specific provisions in the Act dealing with the normal taxation of financial instruments for retail investors, it was ascertained that the amounts stemming from the contract for difference in respect of a fractional share right may be taxed according to the general provisions of the Act – sections 1(1) and 11(a) of the Act.

金融服务行业最近的发展是引入零星股权，允许散户投资者投资上市股票的一小部分。1962 年第 58 号所得税法（“该法”）未对部分股权进行定义，也未在南非法院进行审查。南非部分股权的正常税收影响存在不确定性。本文调查了零星股权对散户投资者可能产生的正常税收影响。该研究通过分析主要和次要来源采用定性方法。该条规定，零碎股权本质上是一种差价合约，以零碎上市股权为参照工具。经查明，基于整合和分叉方法的组合，关于部分股权的差价合约构成该法案目的的金融工具。由于该法案中没有关于散户投资者金融工具正常征税的具体规定，因此可以确定，零星股权差价合约产生的金额可以根据一般规定征税。该法案——第 1(1) 和 11 条(a ) 法案。