Valuation of Pension Rights for Estate Duty Purposes
New Zealand Law Journal, pp. 204-207, 1979
1 Pages Posted: 9 Mar 2010
There are 2 versions of this paper
Valuation of Pension Rights for Estate Duty Purposes
Valuation of Pension Rights for Estate Duty Purposes
Date Written: 1979
Abstract
Lorimer v Commissioner of Inland Revenue (1982) 5 NZTC 61,365 (HC) involved the valuation of pension rights acquired on the death of the husband, for estate duty purposes. O’Regan J held that no allowance could be made for potential income tax when calculating the estate duties payable on the pension. The author concludes that this outcome is correct on the basis of the wording of section 16 of the Estate and Gift Duties Act 1978.
As at 2009 the precedent value of this case has been nullified by the effective repeal of the Estate and Gift Duties Act. Although the estate duty is still on the books, the rate has been amended to zero.
Keywords: Estate and Gift Duties Act 1968, income tax allowance, lorimer
JEL Classification: K34
Suggested Citation: Suggested Citation