Estate and Gift Duties Amendment Act 1983

Estate and Gift Duties Amendment Act 1983

Public Act1983 No 3
Date of assent29 July 1983

Note

This Act is administered in the Inland Revenue Department.


BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:

1 Short Title and commencement
  • (1) This Act may be cited as the Estate and Gift Duties Amendment Act 1983, and shall be read together with and deemed part of the Estate and Gift Duties Act 1968 (hereinafter referred to as the principal Act).

    (2) Except as provided in sections 3, 5, 6, and 8 of this Act, this Act shall come into force on the 28th day of July 1983.

2 Interpretation
  • [Repealed]

    Section 2 was repealed, as from 1 February 2002, by section 64(3) Property (Relationships) Amendment Act 2001 (2001 No 5).

3 Decrease in rates of estate duty
  • (1) This subsection substituted Schedule 1 of the principal Act.

    (2) Section 3 of the Estate and Gift Duties Amendment Act 1982 and the Schedule to that Act are hereby consequentially repealed.

    (3) This section shall come into force on the 1st day of April 1984, and shall apply to the estates of all persons dying on or after that day.

4
5 Decrease in rates of gift duty
  • (1) This subsection substituted Schedule 3 of the principal Act.

    (2) Section 10 of the Estate and Gift Duties Amendment Act 1979 and Schedule 2 to that Act are hereby consequentially repealed.

    (3) This section shall come into force on the 1st day of April 1984, and the rates of gift duty in Schedule 3 to the principal Act (as substituted by subsection (1) of this section) shall apply to all dutiable gifts made on or after that day:

    Provided that, in ascertaining the rate of gift duty in respect of a dutiable gift made before the commencement of this section, the value of any dutiable gift or dutiable gifts made after the commencement of this section shall not be taken into account unless the value of the dutiable gift made before the commencement of this section, together with the value of all dutiable gifts made at the same time or within 12 months subsequently or previously (whether before or after the commencement of this section) exceeds $27,000.

6 Increase in exemption for small gifts
  • (1) This subsection amended section 71 of the principal Act.

    (2) Section 11 of the Estate and Gift Duties Amendment Act 1979 is hereby consequentially repealed.

    (3) This section shall come into force on the 1st day of April 1984, and shall apply to all gifts made on or after that day.

7 Exemption for certain dispositions of matrimonial property
  • (1) This subsection inserted section 75A in the principal Act.

    (2) This section shall apply to all agreements made under section 21 of the Matrimonial Property Act 1976 on or after the 28th day of July 1983 and to all orders of the Court made under section 25 of that Act whether before, on, or after that day.

8 Increase in amount of gift before gift statement to be delivered to Commissioner
  • (1) This subsection amended section 79(1) of the principal Act.

    (2) This subsection amended section 80(1) of the principal Act.

    (3) Section 12 of the Estate and Gift Duties Amendment Act 1979 is hereby consequentially repealed.

    (4) This section shall come into force on the 1st day of April 1984, and shall apply in respect of all gifts made on or after that day.