Clause 3

by inserting, immediately after subsection (2), the following subsections:“(2A) For the purposes of subsection (2)(ca), in a case where no annual value or separate annual value is ascribed to any place of residence in the Valuation List prepared under section 10 of the Property Tax Act (Cap. 254), the annual value shall be ascertained in accordance with the definition of that term in section 2 of that Act.(2B) For the purposes of subsection (2), the Minister may, for the purposes of such year of assessment as he may specify, by regulations prescribe the value of any furniture and fittings in any place of residence.”;

by deleting the words “to any unit holder or by an approved CPF unit trust” in subsection (20) and substituting the words “for any year of assessment”;

by deleting the words “or approved CPF unit trust” in subsections (20) and (20A);

by deleting the words “or an approved CPF unit trust” in subsection (20A) and substituting the words “for any year of assessment”;

by inserting, immediately after subsection (20A), the following subsections:“(20B) If —

the income of the trustee of a unit trust, unit trust scheme or exchange traded fund interest scheme (referred to in this section as the unit trust) did not form part of his statutory income for one or more past years of assessment by reason of section 35(12); and

any of the events set out in the first column of the following table occurs,then a person to whom this subsection applies shall be treated as having derived, on the date in the second column of the table opposite to that event (referred to in this subsection and subsections (20C) and (20E) as the corresponding date), an amount of income that is equal to the prescribed amount of any income referred to in paragraph (a) that has yet to be distributed to any unit holder by the corresponding date:First column Second columnEvent Corresponding date1.The unit trust is dissolved, and is a designated unit trust for the year of assessment for the basis period in which the dissolution occurred Date of dissolution2.The unit trust is not a designated unit trust within the meaning of section 35 for any year of assessment Last day of the basis period for the immediately preceding year of assessment3.The trustee fails to elect under section 35(12B) for section 35(12) to apply to his income for any year of assessment Last day of the basis period for the immediately preceding year of assessment4.The trustee elects under section 35(12B) for section 35(12) to apply to his income derived in only a part of the basis period for any year of assessment Last day of that part of the basis period(20C) Subsection (20B) shall not apply if the corresponding date is before 1st June 2015.(20D) Subsection (20B) applies to the following persons:

a unit holder who is not an individual and not a foreign investor;

a unit holder who is an individual and not a foreign investor, and who holds the units for the purposes of a trade, profession or business;

a partner who is not an individual and not a foreign investor, of a partnership which is a unit holder;

a partner who is an individual and not a foreign investor, of a partnership in Singapore which is a unit holder.(20E) For the purposes of subsection (20B) —

the income referred to in paragraph (a) of that subsection includes the income of the trustee that did not form part of his statutory income for one or more years of assessment by reason of section 35(12) or (12A) in force immediately before 1st September 2014;

the prescribed amount of the income referred to in paragraph (a) of that subsection which is treated as the income of a person referred to in subsection (20D)(a) or (b), is —

the amount of that income that would have been distributed to him in accordance with the terms of the trust deed of the unit trust, had the income been distributed to unit holders on the corresponding date; or

if it is not possible to ascertain that amount under the terms of the trust deed, such part of that income as the total number of units held by the person bears to the total number of units of the unit trust as of the corresponding date;

the prescribed amount of the income referred to in paragraph (a) of that subsection which is treated as the income of a person referred to in subsection (20D)(c) or (d), is the share of the following amount that the person would have been entitled to as a partner of the partnership:

the amount of that income that would have been distributed in accordance with the terms of the trust deed of the unit trust to the partnership, had the income been distributed to unit holders on the corresponding date; or

if it is not possible to ascertain that amount under the terms of the trust deed, such part of that income as the total number of units held by the partnership bears to the total number of units of the trust as of the corresponding date; and

where the person referred to in subsection (20D) is an individual resident in Singapore, the prescribed amount of the income referred to in subsection (20B)(a) shall not include the amount of any gains or profits referred to in subsection (20)(a).(20F) The trustee of the unit trust to which subsection (20B) applies shall, within such reasonable time after the occurrence of the event mentioned in that subsection as the Comptroller may specify and in such form and manner as the Comptroller may specify, give notice of the occurrence to —

the Comptroller; and

every person referred to in subsection (20D).”;

by inserting, immediately after “(20A),” in subsection (23), “(20B), (20D),”;

by deleting the definition of “approved CPF unit trust” in subsection (23);

by deleting the definition of “designated unit trust” in subsection (23) and substituting the following definition:“ “designated unit trust”, in relation to any year of assessment, has the same meaning as in section 35(14);”;

by deleting paragraph (b) of the definition of “foreign investor” in subsection (23) and substituting the following paragraph:“(b)in relation to a company, means a company which is neither resident in Singapore nor carrying on business through a permanent establishment in Singapore, and not less than 80% of the total number of the issued shares of which are beneficially owned, directly or indirectly, by persons who are not citizens of Singapore and not resident in Singapore; and”; and

by inserting, immediately after the words “neither citizens of Singapore nor resident in Singapore” in paragraph (c)(ii) of the definition of “foreign investor” in subsection (23), the words “, nor do they carry out duties as such trustees through a permanent establishment in Singapore”.