September 2011 News Archive

Gift Duty (7th September)

Following a review by Inland Revenue, the Minister of Revenue, Peter Dunne has announced that gift duty will be repealed with effect from 1 October 2011.

While gift duty itself collected very little tax and most people have probably never paid gift duty, it has influenced behaviour for many years.

Many business people will be owed money from family members or family trusts and will have provided for the forgiveness of these amounts in their wills.

The repeal of gift duty on 1 October (assuming it proceeds) provides an opportunity for people to deal with these debts in their lifetime and possibly bring forward some of their overall goals.

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