Estate and Gift Duties Act 1968

  • Warning: Some amendments have not yet been incorporated
  • This version was reprinted on 16 May 2016 to make corrections to sections 2(2), 2(3), 68D(1), 68D(3), 68D(5), 68F(1), 68F(3), 70(1), 74A, 75D(2), 75D(3), 82(6), 82(7), 86(2) and 87B(4) under section 25(1)(j)(ii) and (k) of the Legislation Act 2012.

Reprint as at 1 December 2014

Coat of Arms of New Zealand

Estate and Gift Duties Act 1968

Public Act
 
1968 No 35
Date of assent
 
25 November 1968
Commencement
 
see section 1(2)
Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Inland Revenue Department.

Contents

Title
1Short Title, commencement, etc
2Interpretation
[Repealed]
[Repealed]
3Limitation on imposition of estate duty [Repealed]
4Rates of estate duty [Repealed]
5Final balance [Repealed]
[Repealed]
6Dutiable estate [Repealed]
7Property passing under will or intestacy [Repealed]
8General power of appointment over property [Repealed]
9Donatio mortis causa [Repealed]
10Dutiable gift made within 3 years of death [Repealed]
11Gift with reservation [Repealed]
12Settlement or other disposition made by deceased [Repealed]
13Joint property [Repealed]
14Policy of assurance [Repealed]
15Interest purchased or provided by the deceased [Repealed]
16Benefit under group superannuation scheme [Repealed]
[Repealed]
17Allowable debts [Repealed]
[Repealed]
17AMatrimonial home allowance [Repealed]
[Repealed]
18Date of valuation of property included in dutiable estate [Repealed]
19Valuation of property [Repealed]
20Valuation of land [Repealed]
21Valuation of land on which trees are growing [Repealed]
22Valuation of shares [Repealed]
23Valuation of debt due to deceased [Repealed]
24Valuation of share or interest in partnership [Repealed]
25Valuation of annuities and other interests for life or other periods, or expectant on death or other events [Repealed]
26Valuation of contingent interests [Repealed]
[Repealed]
27Date of valuation of successions [Repealed]
28Valuation of successions [Repealed]
29Valuation of succession to contingent interests [Repealed]
30Valuation of succession to property subject to encumbrances [Repealed]
[Repealed]
[Repealed]
31Exemption for property included under section 33 of the Wills Act 1837 (UK) [Repealed]
31AExemption for property comprised in order under Matrimonial Property Act 1976 [Repealed]
32Exemption for certain pay of deceased servicemen [Repealed]
33Exemption for certain gifts or specific bequests or devises [Repealed]
34Exemption for certain property comprised in a settlement or other disposition of property made by deceased [Repealed]
35Exemption for pensions payable under group superannuation schemes [Repealed]
35AExemption for unpaid war pensions and social security benefits [Repealed]
35BExemption for certain personal chattels [Repealed]
35BAExemption for base price adjustment under accrual rules in Income Tax Act 1994 [Repealed]
[Repealed]
35CValuation of succession for purposes of relief [Repealed]
36Relief for succession of wife [Repealed]
37Relief for succession of husband [Repealed]
38Relief for succession of infant children [Repealed]
38ARelief for succession of orphan infant child [Repealed]
39Relief for successions in estates of servicemen [Repealed]
39ARelief for succession of charitable successor [Repealed]
40Relief for estate duty paid outside New Zealand [Repealed]
41Relief from successive estate duties [Repealed]
42Relief for gift duty [Repealed]
[Repealed]
43Custody and release of administration by Commissioner [Repealed]
43ACommissioner may defer payment of estate duty on certain mining ventures [Repealed]
44Estate duty payable although no administration [Repealed]
45Notice of payments, etc, without administration to be given to Commissioner [Repealed]
46Administrators’ statement to be delivered to Commissioner [Repealed]
47High Court may order statements to be delivered [Repealed]
48Dealing with estate of deceased without administration [Repealed]
49Assessment of estate duty [Repealed]
50Composition for estate duty [Repealed]
51Penalty on unpaid estate duty [Repealed]
52Interest on unpaid estate duty [Repealed]
53Estate duty payable by administrator [Repealed]
54Proportion of estate duty also recoverable from successors [Repealed]
55How estate duty payable as between successors [Repealed]
56Estate duty to be a charge on the dutiable estate [Repealed]
57Registration of charge for estate duty [Repealed]
58Enforcement of charge for estate duty by High Court [Repealed]
59Remission of estate duty, penalty, and interest [Repealed]
60Refund of estate duty, penalty, and interest paid in excess [Repealed]
61Gift duty imposed
62Rates of gift duty
63Dutiable gift
64When voluntary contracts to be deemed gifts
65Disposition of property by controlled company
66Date of valuation of dutiable gift
67Valuation of property
68Valuation of certain property [Repealed]
68AValuation of land
68BObjections to special valuations of land
68CValuation of shares
68DValuation of debt due to donor or controlled company
68EValuation of share or interest in partnership
68FValuation of annuities and life interests
68GValuation of contingent interests
69Valuation of property subject to encumbrances
70No deduction to be made in respect of benefit to donor
71Exemptions for gifts up to $2,000 in any year
72Exemption for gifts for maintenance or education of family
73Exemption for gifts to charities and certain bodies
73BExemption for certain gifts of trading stock
74Exemption for certain elections by members of group superannuation schemes
74AExemption for gifts between members of consolidated group
74BExemption for dividends
74CExemption for gifts in respect of amalgamating companies
74DExemption for gifts in respect of distribution by co-operative company or company owned by co-operative company
75Exemption for certain payments by employers
75AExemption for certain dispositions of relationship property
75BExemption for base price adjustment under financial arrangements rules in Income Tax Act 2007
75BAExemption for gifts of financial arrangements under accrual rules in Income Tax Act 1994 (Part EH, Division 2) [Repealed]
75BBExemption for gifts of financial arrangements under accruals rules in Income Tax Act 1994 (Part EH, Division 1) [Repealed]
75BCExemption for gifts of financial arrangements under accruals rules in Income Tax Act 1976 [Repealed]
75CExemption for certain dispositions of property under Waikato Electricity Authority Act 1988
75DExemption for dispositions by raspberry industry entities
76Relief for subsequent gift of reserved benefit
77Relief for gift duty paid outside New Zealand
78Instrument presented for stamping may be impounded
79Gift statement to be delivered to Commissioner by donor
80Donee to deliver gift statement in default of donor
81High Court may order gift statement to be delivered
82Assessment of gift duty
83Penalty on unpaid gift duty
84Interest on unpaid gift duty
85When gift duty payable
86By whom gift duty payable
87Gift duty to be a charge on the property comprised in the gift
87ARegistration of charge for gift duty
87BEnforcement of charge for gift duty by High Court
88Remission of penalty and interest on gift duty [Repealed]
89Refund of gift duty, penalty, and interest paid in excess
[Repealed]
90Objections to assessments [Repealed]
90AApplication of Parts 4A and 8A of Tax Administration Act 1994
91Commissioner may alter assessment, or objection may be submitted to Taxation Review Authority [Repealed]
92When objection may be referred in first instance to High Court [Repealed]
92ATest case procedure [Repealed]
93Removal of case into Court of Appeal [Repealed]
94Objections to special valuations of land [Repealed]
95Application of Part 9 of Tax Administration Act 1994
96Giving of notices [Repealed]
97Duty recoverable by Commissioner in official name [Repealed]
98Commissioner may destroy records after 15 years
99Consequential amendments
100Repeals, revocations, and savings
101Transitional provisions
[Repealed]
Reprint notes

An Act to consolidate and amend the law relating to estate duty and gift duty