Singapore legislation
Clause 2
Clause 2
Amendment of section 10A
Section 10A of the Estate Duty Act (referred to in this Act as the principal Act) is amended by deleting subsection (1) and substituting the following subsection:“(1) Estate duty shall not be payable in respect of the following property in Singapore passing on the death of any person dying on or after 1st April, 1982, who at the time of his death was neither domiciled nor resident in Singapore:
deposits and balances with Asian Currency Units of approved banks;
negotiable certificates of deposits issued by Asian Currency Units of approved banks;
Asian Dollar Bonds which have been approved by the Minister for exemption from estate duty;
bonds, stocks and securities issued by the Government which have been approved by the Minister for exemption from estate duty;
gold in whatever state or form deposited with approved banks;
deposits and balances in gold savings account with approved banks;
gold certificates issued by approved banks; and
deposits and balances with members of a gold exchange in Singapore who have been approved for the purposes of section 43D of the Income Tax Act (Cap. 141) where such deposits and balances are in respect of transactions in gold.”.