Act Repealed Latest version as at 11 December 1987 (as enacted) | 1987 No 192

Estate and Gift Duties Amendment Act 1987

Checking for related legislation...

Amendment Act

Checking for related legislation...

Search content

Checking for alerts... Loading...

Contents

Short Title and commencement

Exemption in relation to base price adjustment for income tax purposes

Estate and Gift Duties Amendment Act 1987

Public Act		1987 No 192
Date of assent		11 December 1987

	Title
1	Short Title and commencement
2	Exemption in relation to base price adjustment for income tax purposes
3	Exemption in relation to base price adjustment for income tax purposes
	Administrative information

An Act to amend the Estate and Gift Duties Act 1968

BE IT ENACTED by the Parliament of New Zealand as follows:

1 Short Title and commencement

(1)

This Act may be cited as the Estate and Gift Duties Amendment Act 1987, 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)

This Act shall be deemed to have come into force on the 1st day of October 1987.

2 Exemption in relation to base price adjustment for income tax purposes

(1)

The principal Act is hereby amended by inserting, after section 35b (as inserted by section 5 of the Estate and Gift Duties Amendment Act 1970), the following section:

“35ba

Where and to the extent that any liability under a financial arrangement (within the meaning of sections 64b to 64m of the Income Tax Act 1976) is forgiven or otherwise remitted (in whole or in part) under the will of the deceased or by way of a donatio mortis causa made by the deceased, and that forgiveness or other remission is required to be taken into account under the said sections 64b to 64m in calculating the assessable income of any person by way of—

“(a)

Reducing the amount of any deduction that is allowable to the person; or

“(b)

Increasing an amount that is income of the person,—

the financial arrangement shall to that extent not be included in the dutiable estate of the deceased.”

(2)

This section shall apply to the estates of all persons dying on or after the 1st day of October 1987.

3 Exemption in relation to base price adjustment for income tax purposes

(1)

The principal Act is hereby amended by inserting, after section 75a (as inserted by section 7 of the Estate and Gift Duties Amendment Act 1983), the following section:

“75b

Where and to the extent that any liability under a financial arrangement (within the meaning of sections 64b to 64m of the Income Tax Act 1976) is forgiven or otherwise remitted (in whole or in part), and that forgiveness or other remission is required to be taken into account under the said sections 64b to 64m in calculating the assessable income of any person by way of—

“(a)

Reducing the amount of any deduction that is allowable to the person; or

“(b)

Increasing an amount that is income of that person,—

the forgiveness or other remission shall not constitute a gift for the purposes of this Act.”

(2)

This section shall apply to any forgiveness or other remission made on or after the 1st day of October 1987 of a liability under a financial arrangement.

This Act is administered in the Inland Revenue Department.

Sort by

Estate and Gift Duties Amendment Act 1987