Estate and Gift Duties Amendment Act 1966
Estate and Gift Duties Amendment Act 1966
Estate and Gift Duties Amendment Act 1966
Estate and Gift Duties Amendment Act 1966
Public Act |
1966 No 30 |
|
Date of assent |
4 October 1966 |
|
Contents
An Act to amend the Estate and Gift Duties Act 1955
BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:
1 Short Title
This Act may be cited as the Estate and Gift Duties Amendment Act 1966, and shall be read together with and deemed part of the Estate and Gift Duties Act 1955 (hereinafter referred to as the principal Act).
2 General power of appointment
(1)
Subsection (1) of section 2 of the principal Act is hereby amended by repealing the definition of the term “general power of appointment”
(as substituted by section 3(1) of the Estate and Gift Duties Amendment Act 1964), and substituting the following definition:
“‘General power of appointment’ includes—
“(a)
Any power or authority—
“(i)
Conferred by the will of any person dying on or before the thirty-first day of March, nineteen hundred and sixty-seven; or
“(ii)
Conferred by any settlement inter vivos executed on or before that date; or
“(iii)
Created in any other manner whatsoever on or before that date—
which enables the donee or other holder thereof, or would enable him if he was of full capacity, to appoint or dispose of any property, or to charge any sum of money upon any property, as he thinks fit for his own benefit, whether exercisable by instrument inter vivos or by will, but exclusive of any power exercisable in a fiduciary capacity under a disposition not made by himself, or exercisable as mortgagee:
“(b)
Any power or authority—
“(i)
Conferred by the will of any person dying on or after the first day of April, nineteen hundred and sixty-seven; or
“(ii)
Conferred by any settlement inter vivos executed on or after that date; or
“(iii)
Created in any other manner whatsoever on or after that date—
which enables the donee or other holder thereof, or would enable him if he was of full capacity, to obtain or appoint or dispose of any property, or to charge any sum of money upon any property, as he thinks fit for his own benefit, whether exercisable orally or by instrument inter vivos or by will or otherwise howsoever, but does not include any power exercisable by a person in a fiduciary capacity under a disposition not made by himself, or exercisable as mortgagee:”.
(2)
Section 3 of the Estate and Gift Duties Amendment Act 1964 is hereby consequentially repealed.
(3)
This section shall be deemed to have come into force on the eighteenth day of November, nineteen hundred and sixty-four.
3 Contingent debts
Subsection (3) of section 9 of the principal Act is hereby amended—
(a)
By omitting the words “three years”
where they first occur, and substituting the words “six years”
:
(b)
By omitting the words “but no action for the recovery of any such refund shall be commenced except within three years after the payment of the duty so paid in excess”
.
4 Valuation of land
(1)
The principal Act is hereby amended by repealing section 75, and substituting the following section:
“75
“(1)
For the purpose of assessing estate duty or gift duty the value of any land situated in New Zealand shall be determined either—
“(a)
By agreement between the Commissioner and the administrator, in the case of estate duty, or between the Commissioner and the donor, in the case of gift duty; or
“(b)
In default of agreement, by the Commissioner in accordance with—
“(i)
The capital value of the land as it appears in the district valuation roll, in force under the Valuation of Land Act 1951, at the date on which the value of the land is to be determined for the purpose of the assessment of the duty, together with the cost of any improvements not included in the valuation appearing in the roll; or
“(ii)
A special valuation of the capital value of the land, made by the Valuer-General on the requisition of the Commissioner for the purposes of this Act, as at the date on which the value of the land is to be determined for the purpose of the assessment of the duty.
“(2)
Where the value of any land has been determined by the Commissioner in accordance with subparagraph (i) of paragraph (b) of subsection (1) of this section, the administrator or donor, as the case may be, may, within one month after the date on which notice of the determination is given or within such extended time as the Commissioner in his absolute discretion thinks fit, require the Commissioner to redetermine the value of the land in accordance with sub paragraph (ii) of the said paragraph (b).
“(3)
There shall be payable to the Valuer-General by the Commissioner in respect of any special valuation made pursuant to this section such fee as may be fixed pursuant to any regulations for the time being in force under the Valuation of Land Act 1951. In every case where the valuation has been made pursuant to the requirement of an administrator or donor, under subsection (2) of this section, the amount of the fee shall be recoverable from the administrator or donor, as the case may be, by the Commissioner as a debt due to the Crown.
“(4)
Subject to subsections (7) and (8) of this section, every determination or redetermination made under subsection (1) or subsection (2) of this section shall be final and conclusive.
“(5)
Where a special valuation of any land is made by the Valuer-General under subsection (1) or subsection (2) of this section, notice of the amount of that valuation shall be given by him to the Commissioner.
“(6)
The Commissioner shall thereupon determine the value of the land in accordance with the special valuation, and shall give notice of the determination to the administrator or donor, as the case may be.
“(7)
Any person to whom any such notice is given may, within one month after the date on which the notice is given, object to the special valuation by delivering or posting to the Commissioner a written notice of objection stating the grounds of the objection and the value at which he contends the land should be assessed for duty. The Commissioner shall thereupon forward the objection to the Valuer-General, and the provisions of sections 20, 21, 22, and 23 of the Valuation of Land Act 1951, as far as they are applicable and with the necessary modifications, shall apply to the objection:
“Provided that where the objector is not also the owner of the land, the owner of the land shall not have any right to object to the special valuation or to have served on him any notice required to be served under those sections.
“(8)
If, as a result of the objection, any alteration is made to the special valuation the Valuer-General shall notify the Commissioner who shall redetermine the value of the land accordingly.
“(9)
No alteration Shall be made to the district valuation roll by virtue of any agreement reached, or valuation or revaluation made, for the purposes of this section, or by virtue of any decision of the Valuer-General or the Land Valuation Court pursuant to this section.
“(10)
In this section the terms ‘capital value’, ‘land’, and ‘owner’ have the same meaning as in the Valuation of Land Act 1951.”
(2)
Section 7 of the Valuation of Land Amendment Act 1965 is hereby consequentially amended by repealing subsection (3).
(3)
This section shall come into force on the first day of January, nineteen hundred and sixty-seven.
This Act is administered in the Inland Revenue Department.