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Act Repealed Latest version as at 11 September 1969 (as enacted) | 1969 No 26

Estate and Gift Duties Amendment Act 1969

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Act Repealed Latest version as at 11 September 1969 (as enacted) | 1969 No 26

Estate and Gift Duties Amendment Act 1969

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Estate and Gift Duties Amendment Act 1969

Public Act
  
1969 No 26
Date of assent
  
11 September 1969
 

Contents

Title
1 Short Title and commencement
2 Rates of estate duty
3 Relief for succession of wife
4 Relief for succession of husband
5 Exemption for gifts to charities and certain bodies
Schedule
NEW FIRST SCHEDULE TO PRINCIPAL ACT
Administrative information

An Act to amend the Estate and Gift Duties Act 1968

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 1969, 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 section 5 of this Act, this Act shall be deemed to have come into force on the 26th day of June 1969, and shall apply to the estates of all persons dying on or after that date.

2 Rates of estate duty

The principal Act is hereby amended by repealing the First Schedule, and substituting the First Schedule set out in the Schedule to this Act.

3 Relief for succession of wife

Section 36 of the principal Act is hereby amended by omitting from item “a” the words “thirty thousand dollars”, and substituting the expression “$40,000”.

4 Relief for succession of husband

Section 37 of the principal Act is hereby amended by omitting from item “a” the words “fourteen thousand dollars”, and substituting the expression “$40,000”.

5 Exemption for gifts to charities and certain bodies

(1)

Section 73 of the principal Act is hereby amended by adding to subsection (2) the following paragraph:

“(f)

Any gift to the Vocational Training Council for the purposes of the Vocational Training Council Act 1968.”

(2)

Section 26 of the Vocational Training Council Act 1968 is hereby consequentially amended by repealing subsection (3).

(3)

This section shall be deemed to have come into force on the date of the commencement of the principal Act.

SCHEDULE

Schedule NEW FIRST SCHEDULE TO PRINCIPAL ACT

Section 2

“FIRST SCHEDULE Scale of Rates of Estate Duty

Final Balance of Estate

Rate

Note: ‘Excess’ means excess of the final balance in complete dollars
Not exceeding $12,000 Nil.
Exceeding Not Exceeding
$ 12,000–$ 14,000 7 percent of excess over $12,000.
$ 14,000–$ 16,000 $ 140 plus 9 percent of excess over $ 14,000.
$ 16,000–$ 18,000 $ 320 plus 11 percent of excess over $ 16,000.
$ 18,000–$ 20,000 $ 540 plus 13 percent of excess over $ 18,000.
$ 20,000–$ 22,000 $ 800 plus 15 percent of excess over $ 20,000.
$ 22,000–$ 24,000 $ 1,100 plus 17 percent of excess over $ 22,000.
$ 24,000–$ 26,000 $ 1,440 plus 19 percent of excess over $ 24,000.
$ 26,000–$ 28,000 $ 1,820 plus 21 percent of excess over $ 26,000.
$ 28,000–$ 30,000 $ 2,240 plus 23 percent of excess over $ 28,000.
$ 30,000–$ 32,000 $ 2,700 plus 25 percent of excess over $ 30,000.
$ 32,000–$ 36,000 $ 3,200 plus 19 percent of excess over $ 32,000.
$ 36,000–$ 40,000 $ 3,960 plus 21 percent of excess over $ 36,000.
$ 40,000–$ 44,000 $ 4,800 plus 23 percent of excess over $ 40,000.
$ 44,000–$ 48,000 $ 5,720 plus 25 percent of excess over $ 44,000.
$ 48,000–$ 52,000 $ 6,720 plus 27 percent of excess over $ 48,000.
$ 52,000–$ 56,000 $ 7,800 plus 29 percent of excess over $ 52,000.
$ 56,000–$ 60,000 $ 8,960 plus 31 percent of excess over $ 56,000.
$ 60,000–$ 64,000 $10,200 plus 33 percent of excess over $ 60,000.
$ 64,000–$ 68,000 $11,520 plus 35 percent of excess over $ 64,000.
$ 68,000–$ 72,000 $12,920 plus 37 percent of excess over $ 68,000.
$ 72,000–$ 76,000 $14,400 plus 39 percent of excess over $ 72,000.
$ 76,000–$ 80,000 $15,960 plus 41 percent of excess over $ 76,000.
$ 80,000–$ 84,000 $17,600 plus 43 percent of excess over $ 80,000.
$ 84,000–$ 88,000 $19,320 plus 45 percent of excess over $ 84,000.
$ 88,000–$ 92,000 $21,120 plus 47 percent of excess over $ 88,000.
$ 92,000–$ 96,000 $23,000 plus 49 percent of excess over $ 92,000.
$ 96,000–$ 102,000 $24,960 plus 43 percent of excess over $ 96,000.
$102,000–$ 108,000 $27,540 plus 45 percent of excess over $102,000.
$108,000–$114,000 $30,240 plus 47 percent of excess over $108,000.
$114,000–$ 120,000 $33,060 plus 49 percent of excess over $114,000.
$120,000–$ 126,000 $36,000 plus 51 percent of excess over $120,000.
$126,000–$ 132,000 $39,060 plus 53 percent of excess over $126,000.
$132,000–$ 138,000 $42,240 plus 55 percent of excess over $132,000.
$ 138,000–$ 144,000 $45,540 plus 57 percent of excess over $138,000.
$144,000–$150,000 $48,960 plus 59 percent of excess over $144,000.
$150,000–$ 160,000 $52,500 plus 51 percent of excess over $150,000.
$160,000–$ 170,000 $57,600 plus 53 percent of excess over $160,000.
$170,000–$ 180,000 $62,900 plus 55 percent of excess over $170,000.
$180,000–$ 190,000 $68,400 plus 57 percent of excess over $180,000.
$190,000–$200,000 $74,100 plus 59 percent of excess over $190,000.
Exceeding $200,000 40 percent of the final balance.”

This Act is administered in the Inland Revenue Department.
Act Repealed Latest version as at 11 September 1969 (as enacted)

Estate and Gift Duties Amendment Act 1969

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