Baigent v Commissioner of Inland Revenue - [1979] 2 NZLR 483

Revenue — Gift duty — Value of gift for duty purposes — By deed of trust and contemporaneous transfer settlor vested land in trustees subject to a covenant by them to pay gift duty out of trust fund — Whether gift duty should be assessed on full value of land — Estate and Gift Duties Act 1968, ss 2(2), 63, 70 and 86.