Schedule NEW SECOND SCHEDULE TO PRINCIPAL ACT

Checking for alerts... Loading...

Estate and Gift Duties Amendment Act 1968

Public Act		1968 No 5
Date of assent		6 September 1968

	Title
1	Short Title and commencement
2	Rates of gift duty
	Schedule NEW SECOND SCHEDULE TO PRINCIPAL ACT
	Administrative information

An Act to amend the Estate and Gift Duties Act 1955

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 1968, and shall be read together with and deemed part of the Estate and Gift Duties Act 1955 (hereinafter referred to as the principal Act).

(2)

This Act shall be deemed to have come into force on the nineteenth day of July, nineteen hundred and sixty-eight.

2 Rates of gift duty

(1)

The principal Act is hereby amended by repealing the Second Schedule (as substituted by section 12(1) of the Decimal Currency Amendment Act 1965), and substituting the Second Schedule as set out in the Schedule to this Act.

(2)

Section 50 of the principal Act (as amended by section 4(2) of the Estate and Gift Duties Amendment Act 1961 and section 7(1) of the Decimal Currency Act 1964) is hereby further amended by omitting from paragraphs (a), (b), and (c) of subsection (3) the words “two thousand dollars”, and substituting in each case the words “four thousand dollars”.

(3)

Subsections (1) and (2) of this section shall apply with respect to all gifts made after the commencement of this Act:

Provided that, in ascertaining the rate of gift duty in respect of a gift made before the commencement of this Act, the value of any gift or gifts made after the commencement of this Act shall not be taken into account unless the value of the gift made before the commencement of this Act together with the value of all aggregated gifts (including the gift or gifts made after the commencement of this Act) exceeds four thousand dollars.

(4)

Section 50 of the principal Act is hereby consequentially amended by repealing subsection (2), and substituting the following subsection:

“(2)

Nothing in subsection (1) of this section shall be construed to exclude from the definition of the term ‘aggregated gift’ any gift on which no gift duty is payable only because the value of the gift—

“(a)

If made before the twentieth day of July, nineteen hundred and sixty-one, does not exceed one thousand dollars; or

“(b)

If made on or after the twentieth day of July, nineteen hundred and sixty-one, but before the nineteenth day of July, nineteen hundred and sixty-eight, does not exceed two thousand dollars; or

“(c)

If made on or after the nineteenth day of July, nineteen hundred and sixty-eight, does not exceed four thousand dollars.”

(5)

The following enactments are hereby consequentially repealed:

(a)

Section 4 of the Estate and Gift Duties Amendment Act 1961:

(b)

Section 12 of the Decimal Currency Amendment Act 1965 and the Fourth Schedule to that Act.

Schedule NEW SECOND SCHEDULE TO PRINCIPAL ACT

Section 2(1)

“SECOND SCHEDULE Scale of Rates of Gift Duty

Value of Gift (Together with Value of all Aggregated Gifts)	Rate (Note—‘Excess’ means excess of the value in complete dollars)
Not exceeding $4,000	Nil
Exceeding Not Exceeding
$4,000–$6,000	9 percent of excess over $4,000
$6,000–$8,000	$180 plus 11 percent of excess over $6,000
$8,000–$10,000	$400 plus 13 percent of excess over $8,000
$10,000–$12,000	$660 plus 15 percent of excess over $10,000
$12,000–$14,000	$960 plus 17 percent of excess over $12,000
$14,000–$16,000	$1,300 plus 19 percent of excess over $14,000
$16,000–$18,000	$1,680 plus 21 percent of excess over $16,000
$18,000–$20,000	$2,100 plus 23 percent of excess over $18,000
$20,000–$22,000	$2,560 plus 25 percent of excess over $20,000
$22,000–$24,000	$3,060 plus 27 percent of excess over $22,000
$24,000–$28,000	$3,600 plus 23 percent of excess over $24,000
$28,000–$32,000	$4,520 plus 25 percent of excess over $28,000
$32,000–$36,000	$5,520 plus 27 percent of excess over $32,000
$36,000–$40,000	$6,600 plus 29 percent of excess over $36,000
$40,000–$44,000	$7,760 plus 31 percent of excess over $40,000
$44,000–$48,000	$9,000 plus 33 percent of excess over $44,000
$48,000–$52,000	$10,320 plus 35 percent of excess over $48,000
$52,000–$56,000	$11,720 plus 37 percent of excess over $52,000
$56,000–$60,000	$13,200 plus 39 percent of excess over $56,000
$60,000–$64,000	$14,760 plus 31 percent of excess over $60,000
Exceeding $64,000	25 percent of value of gift”

This Act is administered in the Inland Revenue Department.

Sort by

Estate and Gift Duties Amendment Act 1968