P.U. (A) 128 of 2013; 3 April 2013
The
Order, which is deemed to have come into operation on 1 January 2013,
exempts any person from the payment of real property gains tax on the
chargeable gains accruing on the disposal of any chargeable asset,
including shares in a real property company, to a trustee-manager on
behalf of a business trust.
The exemption
applies to a person who makes such disposal to a trustee-manager on
behalf of a business trust which (a) has been registered with or
recognized by the Securities Commission pursuant to Division 3B of Part
VI of the Capital Markets and Services Act 2007; and (b) has been
approved or authorized by the Securities Commission pursuant to Division
1A or Division 3A of Part VI of the Capital Markets and Services Act
2007, on or after 1 January 2013 but not later than 31 December 2017.
The
exemption only applies to the disposal of chargeable asset executed by
any person to a trustee-manager on behalf of a business trust in
relation to the initial offering of the business trust.
