Section 13O

For new single-family-office (SFO) awards approved from 1 August 2026: at least S$20 million of AUM at application and at each financial year-end; 2 qualifying investment professionals — Singapore tax-resident portfolio managers, research analysts or traders earning more than S$3,500 a month — of whom at least 1 is not a family member (the fund may apply with 1, but must reach 2 by the end of its first financial year or the award is revoked from its start); minimum local spending tiered by year-end AUM — S$200,000 a year below S$250 million of AUM, S$500,000 from S$250 million and S$1 million from S$2 billion; and capital deployment of the lower of 10% of AUM or S$10 million in qualifying investments. MAS approves the award. The scheme expires on 31 December 2029; funds approved by then keep the exemption for the life of the fund while conditions are met. Non-SFO funds face different conditions. Section 13R was renumbered 13O in the Income Tax Act 1947, 2020 Revised Edition (in force 31 December 2021).