New Zealand HNW probe ignites fears of new inheritance tax

The New Zealand Government has earmarked NZ$5m for its Inland Revenue to review the income and wealth of high-net -worth individuals over two years, which coincides with the next election, prompting speculation that an inheritance tax may be introduced. In the recently released IRD 2021-22 work programme, there is Inland Revenue research work involving the collection of information on the level of tax paid by high wealth individuals, according to a briefing note by New Zealand law firm Minter Ellison Rudd Watts. It further cited comments by the OECD that there are strong fairness argu...