Gift Notification Act 2008

Journal
Finance and Capital Markets (formerly Derivatives & Financial Instruments) 2008 (Volume 10), No. 6
In 2007, the Constitutional Court ruled that the Inheritance and Gift Tax Act breaches Constitutional Law, and granted a grace period until July 2008 for the further application of this Act. As a consequence, the parliament passed the Gift Notification Act 2008, which abolishes the Inheritance and Gift Tax with effect from 1 August 2008, replacing it by a mere notification obligation. Furthermore, new provisions for the taxation of private foundations were introduced. This article considers the provisions of the new Gift Notification Act 2008.