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New tax laws impact trusts.

The new Residential Land Tax Rules came into force on 1 October 2015.

From that date every trust (the exceptions are limited and will soon expire) involved in any transfer of real estate must complete a tax statement including IRD number. Processing by IRD of an application for IRD number currently takes from 8 to 10 working days. So many non-trading family trusts hold only family homes that we anticipate that the delay in obtaining IRD numbers might well increase due to demand and, of course, many of the applications will be last minute and urgent.

To best prepare for the future we recommend that every trust obtains an IRD number now unless it does not, and will not in the future, hold any real estate.

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