s 13N Exemption of relevant income of prescribed locally‑administered trust
13N.—(1) There is 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 is also 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 17 February 2006; or (b) any income of the kinds referred to in section 13(7A) received in Singapore on or after 17 February 2006;[Act 35 of 2024 wef 27/11/2024] “trustee company” has the meaning given by section 43G(2). (4) This section does not apply to —(a) a trust that is constituted on or after 1 January 2028;[Act 35 of 2024 wef 27/11/2024] (b) a company that is incorporated on or after 1 January 2028;[Act 35 of 2024 wef 27/11/2024] (c) a trust that —(i) is constituted before 1 January 2028; and[Act 35 of 2024 wef 27/11/2024] (ii) in the basis period in which 31 December 2027 falls, is not a locally‑administered trust prescribed under subsection (1) (called in this subsection and subsection (6) a prescribed trust); or[Act 35 of 2024 wef 27/11/2024] (d) a company that —(i) is incorporated before 1 January 2028; and[Act 35 of 2024 wef 27/11/2024] (ii) in the basis period in which 31 December 2027 falls, is not a holding company established for the purposes of a prescribed trust, and prescribed under subsection (1).[37/2014; 32/2019] [Act 35 of 2024 wef 27/11/2024] (5) Where, in any basis period beginning on or after 1 January 2028, a trust or company does not satisfy the requirement referred to in subsection (6), then this section does not apply to the trust or company for the year of assessment to which that basis period relates, and for every subsequent year of assessment even if the requirement is satisfied in the basis period for the subsequent year of assessment.[37/2014; 32/2019] [Act 35 of 2024 wef 27/11/2024] (6) In subsection (5), the requirement is —(a) in the case of the trust, that it is a prescribed trust; or (b) in the case of the company, that it is a holding company established for the purposes of a prescribed trust, and prescribed under subsection (1).[37/2014] (7) Where, in any basis period beginning on or after 1 January 2028, the trustee company which administers a locally‑administered trust fails to comply with any of the regulations made under subsection (1), then this section does not apply to the trust or the holding company established for the purposes of the trust for the year of assessment to which that basis period relates, and for every subsequent year of assessment even if those regulations are satisfied in the basis period for the subsequent year of assessment.[13Q [37/2014; 32/2019] [Act 35 of 2024 wef 27/11/2024] —(1) There is 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 is also 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 17 February 2006; or (b) any income of the kinds referred to in section 13(7A) received in Singapore on or after 17 February 2006;[Act 35 of 2024 wef 27/11/2024] “trustee company” has the meaning given by section 43G(2). (4) This section does not apply to —(a) a trust that is constituted on or after 1 January 2028;[Act 35 of 2024 wef 27/11/2024] (b) a company that is incorporated on or after 1 January 2028;[Act 35 of 2024 wef 27/11/2024] (c) a trust that —(i) is constituted before 1 January 2028; and[Act 35 of 2024 wef 27/11/2024] (ii) in the basis period in which 31 December 2027 falls, is not a locally‑administered trust prescribed under subsection (1) (called in this subsection and subsection (6) a prescribed trust); or[Act 35 of 2024 wef 27/11/2024] (d) a company that —(i) is incorporated before 1 January 2028; and[Act 35 of 2024 wef 27/11/2024] (ii) in the basis period in which 31 December 2027 falls, is not a holding company established for the purposes of a prescribed trust, and prescribed under subsection (1).[37/2014; 32/2019] [Act 35 of 2024 wef 27/11/2024] (5) Where, in any basis period beginning on or after 1 January 2028, a trust or company does not satisfy the requirement referred to in subsection (6), then this section does not apply to the trust or company for the year of assessment to which that basis period relates, and for every subsequent year of assessment even if the requirement is satisfied in the basis period for the subsequent year of assessment.[37/2014; 32/2019] [Act 35 of 2024 wef 27/11/2024] (6) In subsection (5), the requirement is —(a) in the case of the trust, that it is a prescribed trust; or (b) in the case of the company, that it is a holding company established for the purposes of a prescribed trust, and prescribed under subsection (1).[37/2014] (7) Where, in any basis period beginning on or after 1 January 2028, the trustee company which administers a locally‑administered trust fails to comply with any of the regulations made under subsection (1), then this section does not apply to the trust or the holding company established for the purposes of the trust for the year of assessment to which that basis period relates, and for every subsequent year of assessment even if those regulations are satisfied in the basis period for the subsequent year of assessment.[13Q [37/2014; 32/2019] [Act 35 of 2024 wef 27/11/2024]