Income Tax (Gains from Short-term Property Transactions) (Amendment) Regulations 1999

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Published in Subsidiary Legislation Supplement
on 21 Jan 1999

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No. S 23

Income Tax Act

(Chapter 134)

Income Tax (Gains from Short-term Property Transactions) (Amendment) Regulations 1999

In exercise of the powers conferred by section 10F(9) of the Income Tax Act, the Minister for Finance hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Income Tax (Gains from Short-term Property Transactions) (Amendment) Regulations 1999 and shall be deemed to have come into operation on 15th May 1996.

Amendment of regulation 14

2. Regulation 14 of the Income Tax (Gains from Short-term Property Transactions) Regulations (Rg 30) is amended by deleting paragraph (1) and substituting the following paragraph:

“(1) Section 10F of the Act shall not apply to any disposal of any HDB flat situated on land which is the subject of a notification under section 5 of the Land Acquisition Act (Cap. 152) if the disposal is made —

(a)	by a person who is a lessee of the HDB flat at the date of publication of the HDB’s press statement announcing that such HDB flats will be acquired under HDB’s Selective En-Bloc Redevelopment Scheme; and
(b)	after the date of publication of the press statement referred to in sub-paragraph (a) but before the notice under section 16 of the Land Acquisition Act is served on persons known or believed to be interested in the HDB flat.”.

Made this 18th day of January 1999.

NGIAM TONG DOW

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) R32.1.012; AG/LEG/SL/134/97/7 Vol. 1]