Clarity empowers users to start trading immediately by using a contract for difference (CFD) where the client owns the economic rights to the share, while the underlying share is owned by Investec. Trading CFDs gives you access to the performance of that share – including benefitting from any gains or cash flows (for instance dividends). While having exposure to the ups and downs in the share through the CFD, you don’t own the share. If you trade using your USD or ZAR account (non margin accounts) you will have 100% exposure which means you can hold your positions for as long as you like, without having to worry about margin calls or interest charges. This allows you to invest long term and potentially benefit the long-term performance of the market. If you trade with your margin accounts, you will be trading with leverage.

Gains or losses arising from CFDs are generally regarded as being of a speculative nature and would need to be considered in determining one's taxable income. The provisions of section 9C are not applicable as the investor is a holder of a CFD and not the equity share as contemplated in section 9C 

The gains or losses from CFDs could be regarded as either revenue or capital in nature, depending on the investor's intention.
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When trading CFDs on shares, investors are paid an amount referred to as a 'manufactured dividend.' These are payments made by the CFD provider to replicate the dividend payments of the underlying share, and accordingly, no SA dividends tax is withheld against such manufactured dividend payments. Therefore, you will receive the full 100% of the dividend equivalent in your account. Generally, such manufactured dividends will need to be considered in determining one's taxable income.