Section 22C Notice: renunciation of interest in a bare trust
The Section 22C notice is filed by a beneficiary who renounces an interest in a bare trust over residential property, and must reach the Commissioner of Stamp Duties and the settlor within 14 days.
This is the genuine IRAS PDF, unmodified. Source: IRAS official page.
What is Section 22C Notice?
Section 22C of the Stamp Duties Act applies where a bare trust over residential property, or over an interest in residential property, was declared on or after 10 May 2022 and the beneficiary later renounces that interest. Renunciation gives rise to a resulting trust in favour of the settlor, and the notice is how IRAS is told about it so the stamp duty consequences for both the beneficiary and the settlor can be worked out.
The single page notice is set out in Parts A to E: the beneficiary renouncing the interest, the settlor in whose favour the resulting trust arises, the trustee, the details of the renounced interest including the property address, the percentage share renounced and the date of renunciation, and a confirmation signed by the beneficiary. Where more than one beneficiary renounces, each must execute a separate notice.
Who files Section 22C Notice?
- Beneficiaries renouncing an interest in a bare trust over Singapore residential property declared on or after 10 May 2022
- Each beneficiary separately where several beneficiaries renounce their interests
- Trustees and conveyancing lawyers preparing the notice on a beneficiary's instructions
- Attorneys or representatives signing for a beneficiary, who must give their own details and relationship
How to fill out Section 22C Notice
- Complete Part A with the renouncing beneficiary's name, identity type and number, mailing address, contact number and email.
- Complete Part B with the settlor's details and Part C with the trustee's details, using extra copies of the page if the space is not enough.
- Complete Part D with the property address, the percentage share of the property renounced and the date of renunciation.
- Sign the Part E confirmation; if the signatory is not the beneficiary, add their name, identity details and relationship to the beneficiary.
- Submit the notice to the Commissioner of Stamp Duties at 55 Newton Road, Revenue House, Singapore 307987 with a copy of the trust instrument, and serve a copy on the settlor, both within 14 days after the date of renunciation.
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Frequently asked questions
What is the deadline?
Fourteen days after the date of renunciation. The notice must go to the Commissioner of Stamp Duties within that time, together with a copy of the applicable trust instrument, and a copy must be served on the settlor within the same 14 days.
Can several beneficiaries use one notice?
No. The form states that each beneficiary renouncing their respective interest in the bare trust over residential property must execute a separate notice.
What happens if the information is wrong?
The form warns that furnishing false or misleading information is an offence under section 65 of the Stamp Duties Act, carrying a fine of up to $10,000 or imprisonment of up to 12 months, or both. IRAS may also ask for more information after reviewing the notice.