Reading the comments on CGT and dividend tax. As J-S said tax exempt bodies get the DIVIDEND Tax exclusion BUT also benefit from the DIVIDEND tax exemption - so a pension fund / retirement annuity holding ....hmm. BUT before you call a slavering Broker/ agent in to fill in 1000 forms- be very aware that the "four funds "taxation of life funds( incls pensions ) - which favours the higher end taxpayer over the overwelming majority of 18%ers = is ALSO going to be reviewed. And why would that be? Because treasury is sick and tired of Financial Services providers who offer low value high cost products on a one size fits all basis and who won't adapt to include the man in the street - and Treasury (like the rest of us ) wants to increase individual lifetime savings....and these vehicles will be key building blocks...... There is going to be weeping and wailing in Sandton and other high rise office blocks