Clause 18

by deleting the word “and” at the end of subsection (2)(c);

by deleting the full-stop at the end of paragraph (d) of subsection (2) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(e)an amount in respect of gifts of shares in a company listed on the Singapore Exchange or of units in unit trusts traded in Singapore made by an individual in the year preceding the year of assessment to any institution of a public character in Singapore approved by the Minister on the application by that institution.”;

by deleting the words “subsection (2)(b), (c) and (d)” in subsection (2B) and substituting the words “subsection (2)(b), (c), (d) and (e)”;

by deleting the words “subsection (2)(c)” in the 1st line of subsection (9) and substituting the words “subsection (2)(c) and (e)”; and

by inserting, immediately after subsection (9), the following subsection:“(10) For the purposes of subsection (2)(e) —

the amount in respect of any gift of shares in a company listed on the Singapore Exchange shall be the price of such shares in the open market at the last transaction on the date of the gift;

the amount in respect of any gift of units in unit trusts traded in Singapore shall be the bid price of such units immediately after the date of the gift quoted by the manager of the unit trusts; and

“date of the gift”, in relation to any shares or units referred to in paragraph (a) or (b), as the case may be, means the date of legal transfer to the institution of a public character of the gift of such shares or units.”.