Glossary · tax
Section 13U
Also known as: Section 13U incentive, Singapore 13U, 13X (former)
- Definition
- Section 13U of the Singapore Income Tax Act exempts specified income from designated investments of an MAS-approved fund vehicle in any jurisdiction — a standalone fund or an approved master-feeder or SPV structure. Its thresholds are higher than Section 13O. Formerly numbered Section 13X.
For new single-family-office (SFO) awards approved from 1 August 2026: at least S$50 million of AUM at application and at each financial year-end; 3 qualifying investment professionals, of whom at least 1 is not a family member (the fund may apply with 2, but must reach 3 by the end of its first financial year or the award is revoked from its start); the same tiered local spending as 13O — 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 the same capital deployment requirement of the lower of 10% of AUM or S$10 million. A 13U fund cannot also claim Section 13D. 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 13X was renumbered 13U in the Income Tax Act 1947, 2020 Revised Edition (in force 31 December 2021).
Source: Income Tax Act 1947
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