New Zealand Legislation: Acts
Acts are laws made by Parliament
Reprint as at 1 October 2011
| Public Act | 1968 No 35 |
| Date of assent | 25 November 1968 |
| Commencement | see section 1(2) |
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.
A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.
This Act is administered in the Inland Revenue Department.
1 Short Title, commencement, etc
[Repealed]
3 Limitation on imposition of estate duty [Repealed]
4 Rates of estate duty [Repealed]
5 Final balance [Repealed]
6 Dutiable estate [Repealed]
7 Property passing under will or intestacy [Repealed]
8 General power of appointment over property [Repealed]
9 Donatio mortis causa [Repealed]
10 Dutiable gift made within 3 years of death [Repealed]
11 Gift with reservation [Repealed]
12 Settlement or other disposition made by deceased [Repealed]
13 Joint property [Repealed]
14 Policy of assurance [Repealed]
15 Interest purchased or provided by the deceased [Repealed]
16 Benefit under group superannuation scheme [Repealed]
17 Allowable debts [Repealed]
17A Matrimonial home allowance [Repealed]
18 Date of valuation of property included in dutiable estate [Repealed]
19 Valuation of property [Repealed]
20 Valuation of land [Repealed]
21 Valuation of land on which trees are growing [Repealed]
22 Valuation of shares [Repealed]
23 Valuation of debt due to deceased [Repealed]
24 Valuation of share or interest in partnership [Repealed]
25 Valuation of annuities and other interests for life or other periods, or expectant on death or other events [Repealed]
26 Valuation of contingent interests [Repealed]
27 Date of valuation of successions [Repealed]
28 Valuation of successions [Repealed]
29 Valuation of succession to contingent interests [Repealed]
30 Valuation of succession to property subject to encumbrances [Repealed]
Part 2
Exemptions and reliefs from estate duty
[Repealed]
31 Exemption for property included under section 33 of the Wills Act 1837 (UK) [Repealed]
31A Exemption for property comprised in order under Matrimonial Property Act 1976 [Repealed]
32 Exemption for certain pay of deceased servicemen [Repealed]
33 Exemption for certain gifts or specific bequests or devises [Repealed]
34 Exemption for certain property comprised in a settlement or other disposition of property made by deceased [Repealed]
35 Exemption for pensions payable under group superannuation schemes [Repealed]
35A Exemption for unpaid war pensions and social security benefits [Repealed]
35B Exemption for certain personal chattels [Repealed]
35BA Exemption for base price adjustment under accrual rules in Income Tax Act 1994 [Repealed]
35C Valuation of succession for purposes of relief [Repealed]
36 Relief for succession of wife [Repealed]
37 Relief for succession of husband [Repealed]
38 Relief for succession of infant children [Repealed]
38A Relief for succession of orphan infant child [Repealed]
39 Relief for successions in estates of servicemen [Repealed]
39A Relief for succession of charitable successor [Repealed]
40 Relief for estate duty paid outside New Zealand [Repealed]
41 Relief from successive estate duties [Repealed]
42 Relief for gift duty [Repealed]
Part 3
Assessment and collection of estate duty
[Repealed]
43 Custody and release of administration by Commissioner [Repealed]
43A Commissioner may defer payment of estate duty on certain mining ventures [Repealed]
44 Estate duty payable although no administration [Repealed]
45 Notice of payments, etc, without administration to be given to Commissioner [Repealed]
46 Administrators' statement to be delivered to Commissioner [Repealed]
47 High Court may order statements to be delivered [Repealed]
48 Dealing with estate of deceased without administration [Repealed]
49 Assessment of estate duty [Repealed]
50 Composition for estate duty [Repealed]
51 Penalty on unpaid estate duty [Repealed]
52 Interest on unpaid estate duty [Repealed]
53 Estate duty payable by administrator [Repealed]
54 Proportion of estate duty also recoverable from successors [Repealed]
55 How estate duty payable as between successors [Repealed]
56 Estate duty to be a charge on the dutiable estate [Repealed]
57 Registration of charge for estate duty [Repealed]
58 Enforcement of charge for estate duty by High Court [Repealed]
59 Remission of estate duty, penalty, and interest [Repealed]
60 Refund of estate duty, penalty, and interest paid in excess [Repealed]
64 When voluntary contracts to be deemed gifts
65 Disposition of property by controlled company
66 Date of valuation of dutiable gift
68 Valuation of certain property [Repealed]
68B Objections to special valuations of land
68D Valuation of debt due to donor or controlled company
68E Valuation of share or interest in partnership
68F Valuation of annuities and life interests
68G Valuation of contingent interests
69 Valuation of property subject to encumbrances
70 No deduction to be made in respect of benefit to donor
Part 5
Exemptions and relief from gift duty
71 Exemptions for gifts up to $2,000 in any year
72 Exemption for gifts for maintenance or education of family
73 Exemption for gifts to charities and certain bodies
73B Exemption for certain gifts of trading stock
74 Exemption for certain elections by members of group superannuation schemes
74A Exemption for gifts between members of consolidated group
74C Exemption for gifts in respect of amalgamating companies
74D Exemption for gifts in respect of distribution by co-operative company or company owned by co-operative company
75 Exemption for certain payments by employers
75A Exemption for certain dispositions of relationship property
75B Exemption for base price adjustment under financial arrangements rules in Income Tax Act 2007
75BA Exemption for gifts of financial arrangements under accrual rules in Income Tax Act 1994 (Part EH, Division 2) [Repealed]
75BB Exemption for gifts of financial arrangements under accruals rules in Income Tax Act 1994 (Part EH, Division 1) [Repealed]
75BC Exemption for gifts of financial arrangements under accruals rules in Income Tax Act 1976 [Repealed]
75C Exemption for certain dispositions of property under Waikato Electricity Authority Act 1988
75D Exemption for dispositions by raspberry industry entities
76 Relief for subsequent gift of reserved benefit
77 Relief for gift duty paid outside New Zealand
Part 6
Assessment and collection of gift duty
78 Instrument presented for stamping may be impounded
79 Gift statement to be delivered to Commissioner by donor
80 Donee to deliver gift statement in default of donor
81 High Court may order gift statement to be delivered
83 Penalty on unpaid gift duty
84 Interest on unpaid gift duty
87 Gift duty to be a charge on the property comprised in the gift
87A Registration of charge for gift duty
87B Enforcement of charge for gift duty by High Court
88 Remission of penalty and interest on gift duty [Repealed]
89 Refund of gift duty, penalty, and interest paid in excess
90 Objections to assessments [Repealed]
90A Application of Parts 4A and 8A of Tax Administration Act 1994
91 Commissioner may alter assessment, or objection may be submitted to Taxation Review Authority [Repealed]
92 When objection may be referred in first instance to High Court [Repealed]
92A Test case procedure [Repealed]
93 Removal of case into Court of Appeal [Repealed]
94 Objections to special valuations of land [Repealed]
Part 8
Miscellaneous provisions
95 Application of Part 9 of Tax Administration Act 1994
96 Giving of notices [Repealed]
97 Duty recoverable by Commissioner in official name [Repealed]
98 Commissioner may destroy records after 15 years
100 Repeals, revocations, and savings
Schedule 1
Scale of rates of estate duty
[Repealed]
Schedule 3
Scale of rates of gift duty
An Act to consolidate and amend the law relating to estate duty and gift duty
