Exemption of relevant income of prescribed locally administered trust
13Q.—(1) There shall be exempt from tax all relevant income of —
(a)
such locally administered trust as the Minister may by regulations prescribe; and
(b)
a holding company established for the purposes of such trust, as the Minister may by regulations prescribe.
(2) Where any relevant income of a prescribed locally administered trust is exempt from tax under subsection (1) in any year of assessment, the share of such income to which any beneficiary of the locally administered trust is entitled to receive for that year of assessment shall also be exempt from tax.
(3) In this section —
“locally administered trust” means a trust administered by a trustee company in Singapore —
(a)
every settlor of which is an individual;
(b)
every beneficiary of which is an individual or a charitable institution, trust or body of persons established for charitable purposes only; and
(c)
at least one of the beneficiaries of which is not a settlor of the trust;
“relevant income” means —
(a)
any income of the kinds referred to in section 13(1)(zd), (ze), (zf), (zh), (zi) , (zj), (zk) or (zl) accrued in or derived from Singapore on or after 17th February 2006; or
(b)
any income of the kinds referred to in section 13(7A) received in Singapore on or after 17th February 2006 excluding, in respect of a prescribed locally administered trust, any dividend received by the trust from a prescribed holding company not resident in Singapore, if the dividend is paid out of income that is not the relevant income of the holding company;
“trustee company” has the same meaning as in section 43J(2).