What is estate income

Assets left behind by a deceased person may continue to produce income after their death. The deceased person's assets, as a whole, are called an estate.

Estate income refers to the income derived a day after the date of death until the end of the administration period .

What is trust income

Trust income may arise from assets held in trust by trustees of the following:

  • Private trusts created by way of Trust Deeds/Settlements
  • Trusts created under the Wills of deceased persons
  • Intestate estates (where the deceased died without a will)

Examples of estate/trust Income

  1. Rental income from property (for expenses, please refer to Rental Expenses

    For properties that held under joint tenancy, when 1 owner dies, his share of ownership will lapse to the surviving owner(s). The surviving owner(s) must declare in total 100% of the rental income after the death of the co-owner in their personal income tax returns.

    For properties held under tenancy-in-common, the deceased's share of income must be declared in the estate's returns.
  2. Interest Income from bank/finance company                         

    For joint accounts, when 1 owner dies, the balance in the account will go to the surviving joint account holder(s). Any interest income earned after the date of death is not considered income of the estate.
  3. Share of profit from a partnership*
  4. Profit from a sole-proprietorship business*
  5. Dividends from shares declared after death (excluding exempt/one-tier dividends)
  6. Director's fee and non-contractual bonuses declared after death
  7. Income distributions from Unit Trusts / Real Estate Investment Trusts (REITS)
  8. Gains from Share Options exercised after death
  9. Royalties
  10. Foreign -sourced income remitted into Singapore
  11. Other gains or profits of an income nature

*Effective YA 2008, tax at trustee (PDF, 251KB) level is final.


Declaring estate/trust income

The administrator of an estate or the trustee must declare the income received by the estate or the trust respectively in an Income Tax return (Form T).