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Changes have been made to sections 2(2) and 61 of the Estate and Gift Duties Act so that gifts made on or after 1 October 2011 are no longer liable for gift duty, and you no longer need to file any documents with IRD. However, it is still necessary to properly record and document any gift that is made for your own records.
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Just following up with you to see if you have any other questions. If so, please let me know so I can further assist you.
Based on the information you provided in your initial question, I would have no way of knowing what you do or do not know. I will opt out so another expert can assist you.
Hi, Chris the lawyer here
A gift is not treated as income, and valuation is therefore not important. The tax benefits would cease in your hands as at the date of the transfer. So you look forward rather than backwards.
However there is another issue which may be relevant. If you are likely to need residental care in a rest home in the next 5 years, then disposing of an asset may mean you cannot obtain rest home subsidies. This is a WINZ and Health Ministry requirement, and I can explain further if you need the information