§ 50B — Tax credits for trust income to which beneficiary is entitled

50B.—(1) Where —(a)

a trustee of a trust receives income in Singapore from outside Singapore (called in this section the income) for which a tax credit is allowable under this Part against the tax payable in respect of the income; and

(b)

any beneficiary of the trust who is resident in Singapore is entitled to a share of the income,

the tax credit in respect of that share must be given to the beneficiary instead of the trustee.

(2) The tax credit to be given to a beneficiary under subsection (1) is computed in accordance with section 50 or 50A (as the case may be) as if the income had been received directly by the beneficiary rather than the trustee.

(3) This section does not apply to —(a)

any income of a real estate investment trust within the meaning of section 43(10);

(b)

any income of a designated unit trust within the meaning of section 35(14);

(c)

[Deleted by Act 37 of 2014]

(d)

any income of a trust fund prescribed under section 13C;

(e)

any income of a foreign trust specified under section 13F;

(f)

any income of a locally‑administered trust prescribed under section 13N;

(g)

any income of a trust the trustee of which is a prescribed person under section 13D; or

(h)

any income of an approved trust fund referred to in the definition of “approved person” under section 13U(5), or of a trust fund that is a feeder fund or master fund approved under section 13U.[37/2014]

—(1) Where —(a)

a trustee of a trust receives income in Singapore from outside Singapore (called in this section the income) for which a tax credit is allowable under this Part against the tax payable in respect of the income; and

(b)

any beneficiary of the trust who is resident in Singapore is entitled to a share of the income,

the tax credit in respect of that share must be given to the beneficiary instead of the trustee.

(2) The tax credit to be given to a beneficiary under subsection (1) is computed in accordance with section 50 or 50A (as the case may be) as if the income had been received directly by the beneficiary rather than the trustee.

(3) This section does not apply to —(a)

any income of a real estate investment trust within the meaning of section 43(10);

(b)

any income of a designated unit trust within the meaning of section 35(14);

(c)

[Deleted by Act 37 of 2014]

(d)

any income of a trust fund prescribed under section 13C;

(e)

any income of a foreign trust specified under section 13F;

(f)

any income of a locally‑administered trust prescribed under section 13N;

(g)

any income of a trust the trustee of which is a prescribed person under section 13D; or

(h)

any income of an approved trust fund referred to in the definition of “approved person” under section 13U(5), or of a trust fund that is a feeder fund or master fund approved under section 13U.[37/2014]