In addition to recommending that gift duty be abolished, the report back from the Officials’ Report to the Finance and Expenditure Select Committee on Submissions on the Taxation (Tax Administration and Remedial Matters) Bill highlights some interesting statistics about the use of trusts.
According to the report less than .003% of the 430,000 IRD numbers (that is less than 13 people) who filed gifting statements were bankrupted between 1 July 2001 and 28 May 2010. Presuming the .003% figure is correct, by itself this doesn’t mean an awful lot. However, when you consider that the Ministry of Economic Development records 25,974 bankruptcies during the same period, further consideration is warranted.
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