LawWorks News

Repeal of Gift Duty – update - April 2011

In our last issue of Exchange we advised that gift duty is to be repealed on 1 October of this year.  We had hoped to have more information regarding the repeal of the gift duty in this issue of Exchange, however the legislation is still at the Select Committee stage.  

The object of most of our client’s gifting programme has been wealth protection and the accumulation of assets into a Family Trust. As the goal is to achieve the protection of those assets as soon as possible, our advice is that it is prudent for our clients to continue with their existing gifting programme until there is more certainty. We are therefore contacting all clients with that advise at the time that their annual gifting becomes due.

If you would like more information regarding the repeal of gift duty please contact Tony Walker, Partner on 303 9916, email: tony@lawworksnz.com  or Sarah Edmondson, Associate on 303 9915, email sarah@lawworksnz.com


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