Prescribed criteria for reversal of rental waiver for applicants who are individuals
12.—(1) The prescribed criteria for reversal of rental waiver mentioned in section 95(3)(c) of the Act to be satisfied by an applicant (being the owner and a landlord of a prescribed property) who is an individual are as follows:
(a)
the aggregate of the annual values of the following properties is not more than $60,000 as at 22 July 2021:
(i)
all the investment properties (including the prescribed property) owned by the applicant (whether solely or together with another person);
(ii)
all the investment properties owned by every investment holding corporation of the applicant;
(b)
the applicant is beneficially entitled to all or part of the rental income derived from the prescribed property during the period within the relevant period that the applicant is a landlord of that prescribed property;
(c)
one of the following is satisfied:
(i)
where the applicant furnished a return of income for the year of assessment 2020 under section 62(1) of the Income Tax Act (Cap. 134), the aggregate of —
(A)
the average monthly rental income received by the applicant for every specified property leased or licensed by the applicant, if any; and
(B)
the average monthly dividend income received by the applicant from every investment holding corporation of the applicant that is attributable to the rental income received by the investment holding corporation for every specified property leased or licensed by the investment holding corporation, if any,
in that year of assessment constituted 75% or more of the applicant’s average monthly gross income in that year of assessment;
(ii)
where sub‑paragraph (i) does not apply but the applicant furnished a return of income for the year of assessment 2021 under section 62(1) of the Income Tax Act, the aggregate of —
(A)
the average monthly rental income received by the applicant for every specified property leased or licensed by the applicant, if any; and
(B)
the average monthly dividend income received by the applicant from every investment holding corporation of the applicant that is attributable to the rental income received by the investment holding corporation for every specified property leased or licensed by the investment holding corporation, if any,
in that year of assessment constituted 75% or more of the applicant’s average monthly gross income in that year of assessment;
(iii)
where sub-paragraphs (i) and (ii) do not apply — the aggregate of —
(A)
the average monthly rental income that would have been received by the applicant for every specified property leased or licensed by the applicant during the relevant period, had section 94 of the Act not applied to that specified property; and
(B)
the average monthly dividend income that would have been received by the applicant from every investment holding corporation of the applicant, which would have been attributable to the rental income that would have been received by the investment holding corporation for every specified property leased or licensed by the investment holding corporation during the relevant period, had section 94 of the Act not applied to that specified property,
would have constituted 75% or more of the applicant’s average monthly gross income for that period.
(2) In this regulation —
“investment holding corporation of the applicant” means a corporation —
(a)
whose business consists wholly or mainly of the holding of investment properties; and
(b)
50% of the voting shares or voting power of which are controlled by the applicant;
“investment property” means —
(a)
in relation to an applicant — an immovable property that is acquired for investment purposes only and does not include the residential property at which the applicant resides; or
(b)
in relation to an investment holding corporation of the applicant — an immovable property that is acquired for investment purposes only;
“specified property” means an investment property that is a prescribed property to which section 94 of the Act applies.