Act Repealed Latest version as at 10 April 1995 (as enacted) | 1995 No 23

Estate and Gift Duties Amendment Act 1995

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Exemption for gifts to charities and certain bodies

Estate and Gift Duties Amendment Act 1995

Public Act		1995 No 23
Date of assent		10 April 1995

	Title
1	Short Title
2	Exemption for gifts to charities and certain bodies
	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

This Act may be cited as the Estate and Gift Duties Amendment Act 1995, 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 Exemption for gifts to charities and certain bodies

(1)

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

“(k)

Any gift made by a local authority under section 225c(d) of the Local Government Act 1974 to a community trust established in accordance with section 225d of that Act where that gift constitutes—

“(i)

The proceeds of the sale of shares or equity securities referred to in section 225c of the Local Government Act 1974; or

“(ii)

Any income derived from or capital gain arising on such proceeds, if that income or gain is paid to the community trust before a date set by the Governor-General by Order in Council for the purposes of this paragraph either in relation to that community trust or to community trusts generally.”

(2)

This section applies with respect to gifts made on or after the date on which this Act receives the Royal assent.

This Act is administered in the Inland Revenue Department.

Estate and Gift Duties Amendment Act 1995