Latest news with #familyTrust
RNZ News
07-07-2025
- Business
- RNZ News
Government to loosen rules for selling homes in trusts
Photo: RNZ / Samuel Rillstone The government says New Zealanders selling a house held in a family trust will no longer be treated like potential criminals - as it plans to relax anti-money laundering checks for "low risk" transactions. Associate Justice Minister Nicole McKee announced the changes on Monday, saying the current rules saddled hard-working families with a "burdensome level of document verification and compliance checks" for little reason. "Families who've worked hard, paid off their mortgage, and saved for the future shouldn't be treated like potential criminals just because they want to move house," she said. "When there's clearly nothing untoward going on, there's no need for invasive investigations or repetitive paperwork." Under the government's proposed approach, a real estate agent could apply "simplified customer due diligence" if they deemed the sale to be "clearly low risk". In such cases, agents would need only confirm ownership and trustee details match the certificate of title, verify the couple's identity documents and role as trustees, and retain a copy of the trust deed. Currently, agents must collect more extensive documentation, including the names and addresses of all beneficiaries - including children and lawyers - as well as explanations and proof of how the property was paid for. The statement issued by McKee does not state exactly what would classify a transaction as "low risk" but said agents, lawyers and accountants would be issued clear guidance on how to apply the simplified checks "without fear of regulatory reprisal". "These changes are about recognising that not all customers carry the same risk and it's time our laws reflected that," McKee said. "New Zealanders who play by the rules, work hard, and save for their future should be supported by the system, not tied up in red tape." The move is part of a broader shake-up of the anti-money laundering regime . On Monday, the government announced changes to make it easier for parents to set up bank accounts for their children. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Times
23-06-2025
- Business
- Times
Glastonbury founder could avoid £80m in inheritance tax
The owner of Glastonbury festival has transferred most of his financial interest in the event to his daughter and a family trust, potentially avoiding a huge inheritance tax bill. Sir Michael Eavis, 89, gave his entire shareholding in Glastonbury Festival Events Ltd, the operational company responsible for running the festival and selling tickets, to his daughter Emily, 45, in October. Last year the company sold 210,000 tickets to the event at about £300 each. Pre-tax profits doubled to nearly £6 million after revenues jumped 20 per cent to £68 million. At the same time, Eavis, who has long supported the Labour Party and in 2017 endorsed Jeremy Corbyn, describing him as 'the hero of the hour', also transferred three quarters of the shares he owns in the separate holding company, Glastonbury Festivals Limited, to a trust.
