Singapore legislation
Clause 9
Clause 9
Transitional provisions for new section 22C
(1)
This section applies to a case to which section 22C of the principal Act (as inserted by section 4) applies, where —
the bare trust over the residential property or interest in residential property is declared on or after 10 May 2022; and
the beneficiary of the trust disclaimed or renounced the beneficiary’s interest in the residential property or interest on or before the date of publication in the Gazette of this Act (called in this section the Gazette date).
(2)
For the purposes of section 22C(2) of the principal Act, the section 22C notice must be given (instead of within the prescribed period in that provision after the date of the disclaimer or renunciation) on or before the later of the following (called in this section the expiry date):
the Gazette date;
the last day of the prescribed period in that provision after the date of the disclaimer or renunciation.
(3)
For the purpose of determining the amount of duty chargeable under section 22C(5) or (6) of the principal Act, the value of the property is determined as follows:
if the section 22C notice is given by the beneficiary — the value of the property is its value as at the date the notice is given to the Commissioner or, if the notice is not given on or before the expiry date, the expiry date; (b)if the section 22C notice is given by the Commissioner — the value of the property is its value as at the expiry date.
(4)
Section 46 of the principal Act applies in relation to the section 22C notice as if it were —
if given by the beneficiary — an instrument first executed in Singapore on the date the notice is given to the Commissioner or, if the notice is not given on or before the expiry date, the expiry date; or
if given by the Commissioner — an instrument first executed in Singapore on the expiry date.