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.
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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.