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Finance Minister confirms trustee tax rate will increase to 39 percent from April

Author
Newstalk ZB,
Publish Date
Mon, 12 Feb 2024, 7:42PM
Photo / File
Photo / File

Finance Minister confirms trustee tax rate will increase to 39 percent from April

Author
Newstalk ZB,
Publish Date
Mon, 12 Feb 2024, 7:42PM

The Finance Minister plans to implement a 39 percent trustee tax rate by April 1.

This increase follows on from Labour's proposed plan for trustee tax rates from Budget 2023.

Nicola Willis says the Government is looking to fix up Labour's legislation to ensure rates are properly aligned.

"We're concerned that when Labour lifted the top tax rate, that misaligning it with the trust rate would lead to some avoidance activity. The evidence suggests that is what's happened, so we want those rates to stay in alignment." 

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