No. S 9
Income Tax Act
(Chapter 134)
Income Tax (Exemption of Income of Trustee of Trust Fund Arising from Funds Managed by Fund Manager in Singapore) (Amendment) Regulations 2011
In exercise of the powers conferred by section 13C of the Income Tax Act, the Minister for Finance hereby makes the following Regulations:
Citation and commencement
1.—(1)  These Regulations may be cited as the Income Tax (Exemption of Income of Trustee of Trust Fund Arising from Funds Managed by Fund Manager in Singapore) (Amendment) Regulations 2011 and shall, with the exception of regulation 4, be deemed to have come into operation on 1st September 2007.
(2)  Regulation 4 shall be deemed to have come into operation on 22nd January 2009.
Amendment of regulation 5
2.  Regulation 5 of the Income Tax (Exemption of Income of Trustee of Trust Fund Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 7/2010) (referred to in these Regulations as the principal Regulations) is amended by deleting the words “regulation 6” and substituting the words “regulations 5A and 6”.
New regulation 5A
3.  The principal Regulations are amended by inserting, immediately after regulation 5, the following regulation:
“No deduction in respect of loss arising from designated investments
5A.  Notwithstanding anything in these Regulations, no deduction shall be allowed under the Act to any trustee of a prescribed trust fund in respect of any loss arising from —
(a)the sale or realisation of any designated investments if any gains or profits realised from the sale or realisation of such investments would have been exempt from tax under regulation 5; and
(b)transactions referred to in paragraphs (c), (k), (l), (p), (q) and (r) of the definition of “designated investments” in the Income Tax (Exemption of Income of Non-residents Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 6/2010) with references to “prescribed person” therein modified to refer to the “trustee of the prescribed trust fund”.”.
Amendment of regulation 5A
4.  Regulation 5A of the principal Regulations is amended by deleting paragraphs (a) and (b) and substituting the following paragraphs:
“(a)the sale, maturity, redemption or transfer of both legal and beneficial ownership (other than sale or by way of a securities lending and repurchase arrangement) of any designated investments if any gains or profits realised from such sale, maturity, redemption or transfer would have been exempt from tax under regulation 5; and
(b)any transactions other than those falling under paragraph (a) in respect of any designated investments if any gains or profits from such transactions would have been exempt from tax under regulation 5.”.

Made this 4th day of January 2011.

PETER ONG
Permanent Secretary,
Ministry of Finance,
Singapore.
[R032.19.4V35; AG/LLRD/SL/134/2010/17 Vol. 1]
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