Singapore legislation
Regulation 4
Regulation 4
No deduction in respect of loss arising from designated investment
Subregulation 1
Despite anything in these Regulations, no deduction in respect of any loss arising from the following is allowed to any of the persons in paragraph (2):
the sale, maturity, redemption or transfer of both legal and beneficial ownership (other than sale or by way of a securities lending and repurchase arrangement) of any designated investments if any gains or profits realised from such sale, maturity, redemption or transfer would have been exempt from tax under regulation 3, 3A, 3B or 3C, as the case may be; (b)any transaction (other than those falling under sub-paragraph (a)) in respect of any designated investments if any gains or profits from the transaction would have been exempt from tax under regulation 3, 3A, 3B or 3C, as the case may be.
Subregulation 2
In paragraph (1), the persons are —
an approved person mentioned in section 13U(1)(a) of the Act;
a person, partner, trustee or taxable entity mentioned in section 13U(1)(b) of the Act;
a company, trustee, partner, person (other than a company), taxable entity, eligible SPV, partner of an eligible SPV, trustee of an eligible SPV or taxable entity of an eligible SPV mentioned in section 13U(1)(c) of the Act; and
a company, trustee, partner, eligible SPV, partner of an eligible SPV, trustee of an eligible SPV or taxable entity of an eligible SPV mentioned in section 13U(1)(d) of the Act.