In an announcement on June 30, 2021, Finance stated that it intends to introduce legislation to delay the application date of these rules to January 1, 2022, although these rules came into force on June 29, 2021 (the day the bill, which includes these new rules, received Royal Assent).
It is not clear when Finance may introduce draft legislation to implement these changes, or when these changes could be included in a new bill, as both the House and Senate have now adjourned for the summer recess. It is also possible that Finance could announce other changes to the legislation, as Finance consistently voiced concerns with these new rules throughout the legislative process. Finance previously noted that the legislation, as drafted, is too broad and lacks the safeguards needed to ensure it only applies to genuine intergenerational transfers.
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