2f3ded9f_l___Tax_Policy__Inland_Revenue__Area_affected
[Level of risk] Low – IRD gift statements are protected by secrecy rules and are only available to the Official Assignee and Police. The information they contain can be verified through alternative means such as bank records or land titles. [Agency] Inland Revenue New record-keeping requirements could be imposed under the Tax Administration Act 1994 or a box could be added to income tax returns requesting gifting information. [Recommendation] The proposals are problematic. It would be difficult to enforce the private recording of gifts. Collecting information on tax returns would impose further compliance costs on the private sector for little real benefit and would be difficult to enforce. In addition, a significant number of trusts do not generate income and therefore are not required to file income tax returns. The Law Commission is considering the creation of a central trust register as part of its trust law review. Any further work by IRD would depend on the outcome of that review. [Area affected] 
Documentation/ verification of gifts and/or the existence of trusts
Gift duty repeal | Tax Policy, Inland Revenue
Area affected