Singapore legislation
Regulation 9
of Stamp Duties (Relief from Stamp Duty upon Acquisition of Shares of Companies) Rules 2013
Regulation 9
Application to business trusts
Subregulation 1
Section 15A of the Act and these Rules shall apply to a business trust registered under the Business Trusts Act 2004 which satisfies the requirements in Part I of the Schedule, as it applies to a Singapore company if the trustee‑manager of the registered business trust has incurred stamp duty to acquire ordinary shares in a target company in circumstances where (if it had been an acquiring company) that section would have applied to it, with the provisions specified in the second column of Part II of the Schedule modified in the manner specified in the third column of Part II of the Schedule.
Subregulation 2
For the purposes of section 15A(24) of the Act —
where more than 50% of the units of a business trust are held directly, or indirectly through other business trusts, by one or more companies in a group of companies, the business trust shall be treated as if it were a company in the group of companies; and
where the shares of any company form any part of the trust property of the business trust, the business trust shall be treated as a company holding shares in the first‑mentioned company for the purposes of determining whether the first‑mentioned company is part of the group of companies.