Estate and Gift Duties Act 1968

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Version as at 28 October 2021

Estate and Gift Duties Act 1968

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

Note

The Parliamentary Counsel Office has made editorial and format changes to this version using the powers under subpart 2 of Part 3 of the Legislation Act 2019.

Note 4 at the end of this version provides a list of the amendments included in it.

This Act is administered by the Inland Revenue Department.

	Title
1	Short Title, commencement, etc
2	Interpretation
	Part 1 Estate duty [Repealed]
	Imposition of estate duty [Repealed]
3	Limitation on imposition of estate duty [Repealed]
4	Rates of estate duty [Repealed]
5	Final balance [Repealed]
	Dutiable estate [Repealed]
6	Dutiable estate [Repealed]
7	Property passing under will or intestacy [Repealed]
8	General power of appointment over property [Repealed]
9	Donatio mortis causa [Repealed]
10	Dutiable gift made within 3 years of death [Repealed]
11	Gift with reservation [Repealed]
12	Settlement or other disposition made by deceased [Repealed]
13	Joint property [Repealed]
14	Policy of assurance [Repealed]
15	Interest purchased or provided by the deceased [Repealed]
16	Benefit under group superannuation scheme [Repealed]
	Allowable debts [Repealed]
17	Allowable debts [Repealed]
	Matrimonial home allowance [Repealed]
17A	Matrimonial home allowance [Repealed]
	Valuation of dutiable estate [Repealed]
18	Date of valuation of property included in dutiable estate [Repealed]
19	Valuation of property [Repealed]
20	Valuation of land [Repealed]
21	Valuation of land on which trees are growing [Repealed]
22	Valuation of shares [Repealed]
23	Valuation of debt due to deceased [Repealed]
24	Valuation of share or interest in partnership [Repealed]
25	Valuation of annuities and other interests for life or other periods, or expectant on death or other events [Repealed]
26	Valuation of contingent interests [Repealed]
	Valuation of successions [Repealed]
27	Date of valuation of successions [Repealed]
28	Valuation of successions [Repealed]
29	Valuation of succession to contingent interests [Repealed]
30	Valuation of succession to property subject to encumbrances [Repealed]
	Part 2 Exemptions and reliefs from estate duty [Repealed]
	Exemptions [Repealed]
31	Exemption for property included under section 33 of the Wills Act 1837 (UK) [Repealed]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]
	Reliefs [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]
	Part 4 Gift duty
	Imposition of gift duty
61	Gift duty imposed
62	Rates of gift duty
63	Dutiable gift
64	When voluntary contracts to be deemed gifts
65	Disposition of property by controlled company
	Valuation of dutiable gift
66	Date of valuation of dutiable gift
67	Valuation of property
68	Valuation of certain property [Repealed]
68A	Valuation of land
68B	Objections to special valuations of land
68C	Valuation of shares
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 reliefs from gift duty
	Exemptions
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
74B	Exemption for dividends
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
	Reliefs
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
82	Assessment of gift duty
83	Penalty on unpaid gift duty
84	Interest on unpaid gift duty
85	When gift duty payable
86	By whom gift duty payable
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
	Part 7 Objections [Repealed]
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
99	Consequential amendments
100	Repeals, revocations, and savings
101	Transitional provisions
	Schedule 1 Scale of rates of estate duty [Repealed]
	Schedule 2
	Schedule 3 Scale of rates of gift duty
	Schedule 4 Enactments amended
	Schedule 5 Enactments repealed
	Notes

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

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Estate and Gift Duties Act 1968

Estate and Gift Duties Act 1968

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