Gift duty to be abolished

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The Revenue Minister Peter Dunne today confirmed by media statement that gift duty will be abolished.

The legislation abolishing gift duty will be passed this month and will take effect from 1 October 2011.

The Government has assessed the impact of the repeal of gift duty on income tax, creditor protection and social assistance and found that gift duty only offered minimal and incidental protection for the areas and did not justify the $70 million of tax payer money spent annually on compliance costs.

There is sufficient existing legislation to balance out the risks following the abolition of gift duty.

See my previous blogs on the anticipated repeal of gift duty and gifting to charitable trusts.

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