It was the eighth time New Zealand have won their home tournament, and the final score flattered England who scored two late tries when the game was well beyond their reach.
The win lifted New Zealand to 69 points after four rounds, seven points behind series leaders South Africa who beat Scotland 40-7 in a play-off for third.
The final was all New Zealand with powerful 17-year-old Ioane scoring two tries to emerge as the star of the tournament with his extreme pace and ability to beat tacklers.
Ioane finished the weekend with six tries, one behind the tournament top try scorer Damien Hoyland of Scotland.
In the final New Zealand, playing without injured captain DJ Forbes, raced to a 10-0 lead with early tries by Dylan Collier and Gillies Kaka. A converted Marcus Watson try narrowed the gap when England had a one-man advantage with Joe Webber in the sin-bin.
When numbers were restored, Ioane's first try pushed New Zealand out to 15-7 just on half-time. Further tries by Ioane and Scott Curry extended the lead out to 27-7 before late consolation tries to England by Tom Mitchell and John Brake.
New Zealand were not fully tested in the run up to the finals after going through pool play unbeaten on the first day and then beating Australia and South Africa in the quarter and semi finals.
England, however, were beaten by New Zealand in pool play and had a tough run to the finals.
In the quarter-finals it took four minutes of extra time before Christian Lewis-Pratt scored their winning try after the scores were tied 21-21 at the end of regulation play.
In the semi-finals they came from 19-0 down against Scotland to win 24-19 with the winning try again coming after the final hooter.
Fiji beat Australia 24-0 in the plate final and are third in the overall standings on 64 points.
Completed results from the Wellington round of the IRB Sevens World Series on Saturday:
Finals
Cup
New Zealand 27 England 21
Third place
South Africa 40 Scotland 7
Plate
Fiji 24 Australia 0
Bowl
France 29 Argentina 5
Shield
Canada 26 Samoa 10
Semi-finals
Cup
England 24 Scotland 19
New Zealand 17 South Africa 7
Plate
Fiji 12 USA 10
Australia 21 Kenya 5
Bowl
France 43 Wales 0
Argentina 47 Portugal 5
Shield
Samoa 47 Papua New Guinea 5
Canada 28 Japan 21
Quarter-finals
Cup
Scotland 19 USA 15
England 26 Fiji 21
South Africa 19 Kenya 5
New Zealand 26 Australia 7
Bowl
France 26 Samoa 19
Wales 41 Papua New Guinea 0
Argentina 38 Japan 5
Portugal 26 Canada 0
Standings
after four of nine rounds:
South Africa 76
New Zealand 69
Fiji
64
Australia 58
England 56
Argentina 47
Scotland 42
USA 36
Samoa
31
Wales 30