Small business owners, and owners of family farm or fishing corporations may benefit from new income tax relief for intergenerational transfers, in certain circumstances. In a new announcement, Finance acknowledges that these rules are in force as of June 29, 2021, and states that it intends to consult on further amendments to protect the integrity of the tax system that would apply as early as November 1, 2021. As a result, Finance no longer plans to delay the application date of this relief to January 1, 2022, and has officially withdrawn a previous statement that announced this intention. Finance made this new announcement on July 19, 2021.
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