Hi sorry if this is basic but I don’t know the answer. Grant only obtained (wasn’t a taxable estate), sole beneficiary is domiciled in New Zealand. Beneficiary has now asked us to administer the estate. Two assets a bank account and an investment (M&g which has frozen it from being withdrawn) Can I distribute it the same as if he were UK domiciled? Or do I have to advise someone in New Zealand that he is receiving inheritance? Possibly income too if the M&g has to be placed in their name, or is this on their head to advise?
New Zealand does not currently have any inheritance, wealth or death related taxes, so you don’t need to lodge any report to any New Zealand authority regarding the inheritance. It goes without saying nowadays that details of the New Zealand beneficiary will be included as part of the international wire payment/s, and that verified due diligence would be required before an asset could be appropriated to the beneficiary. All wire payments that exceed
NZD 1,000.00 are automatically reported to New Zealand’s Inland Revenue. You are correct that it is the responsibility of the New Zealand beneficiary to return any beneficiary income to Inland Revenue.