Issued
01 Sep 1965

Estate and Gift Duties Amendment Act 1965

Archived legislative commentary on Estate and Gift Duties Amendment Act 1965 from PIB vol 26 Sep 1965.

This commentary item was published in Public Information Bulletin Volume 26, September 1965.

More information about Public Information Bulletins.

Estate and Gift Duties Amendment Act 1965

This Act came into force on 10 June 1965 and applies to the estates of all persons dying on or after that date.

SECTION 1 - Short title and commencement.

SECTION 2 - Increases to £15,000 the value of the succession of a widow for which an exemption will be given and increases the exemption for a widower to £7,000.

The effect of the increased exemptions is shown below.

When whole estate passes to Widow

Value of Estate Duty Before Budget Duty after Budget Saving
£ £ £ £
15000 286 Nil 286
20000 960 600 360
25000 1888 1452 436
30000 3060 2550 510
40000 6160 5500 660
50000 10138 9338 800
60000 14400 13500 900

 

When whole estate passes to Widower

Value of Estate Duty Before Budget Duty after Budget Saving
£ £ £ £
7000 60 Nil 60
10000 300 180 120
15000 953 763 190
20000 1800 1560 240
25000 2904 2614 290
30000 4250 3910 340
40000 7700 7260 440
50000 12006 11472 534
60000 16500 15900 600

Pamphlet revised

A revised edition of the pamphlet "Estate Duty in New Zealand" is being printed and copies will be available at all district offices in November 1965.