Valuation of Pension Rights for Estate Duty Purposes

Prebble KC, John

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Valuation of Pension Rights for Estate Duty Purposes

New Zealand Law Journal, pp. 204-207, 1979

1 Pages Posted: 9 Mar 2010

See all articles by John Prebble KC

John Prebble KC

Victoria University of Wellington, Te Herenga Waka - Faculty of Law; Institut für Österreichisches und Internationales Steuerrecht, Wirtschaftsuniversität Wien; University of Notre Dame Australia - School of Law

There are 2 versions of this paper

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

Prebble KC, John, Valuation of Pension Rights for Estate Duty Purposes (1979). New Zealand Law Journal, pp. 204-207, 1979, Available at SSRN: https://ssrn.com/abstract=1566655