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Deduction of investment from balance in SRS account

Income Tax (Supplementary Retirement Scheme) Regulations 2003

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—(1) An SRS operator may approve an application by an SRS member for a deduction of an investment from the balance in an SRS account in accordance with this regulation.(2) Subject to paragraph (3), an SRS member may, in the manner specified by the member’s SRS operator, apply to the SRS operator to approve a deduction of an investment from the balance in the member’s SRS account in the following circumstances:(a)where the deduction would amount to a withdrawal referred to in section 10L(3)(a), (b) or (c) of the Act; or(b)at any time after any balance remaining in the member’s SRS account is deemed withdrawn under section 10L(6) or (7) of the Act, or the sums standing in the member’s SRS account are deemed withdrawn under section 10L(9) of the Act.(3) No application for a deduction of any investment that is a life annuity may be made under paragraph (2)(b).(4) The SRS operator must not approve an SRS member’s application made under paragraph (2) if the SRS operator is not satisfied that —(a)the sums representing the investment to be deducted from the balance in the SRS account can be separately identified; and(b)the investment to be deducted from the balance in the SRS account can be separately valued in accordance with regulation 14B.(5) Where the SRS operator approves an SRS member’s application made under paragraph (2), the date of approval is taken to be —(a)where the SRS member is a citizen of Singapore, the application receipt date; and(b)where the SRS member is not a citizen of Singapore, the date on which the SRS operator has collected tax from the SRS member in accordance with section 45EA of the Act.(6) An SRS operator who fails to comply with paragraph (4) shall be guilty of an offence.

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