Landlord need to know - July 2023 regulatory round up

There is so much compliance in being a landlord nowadays, so here is our regulatory round-up - the latest main developments that you need to be aware of along with the best-known timetables of other proposed changes and regulations.

(The below is intended as a guide to help you stay on track, as always consult with experts such as accountants and financial advisors before making any decisions.)

NEED TO KNOW LEVEL: TAKE ACTION

EVICTION BAN EXTENDED, NEW RENT CAP – SCOTLAND

The Emergency legislation brought forward in Scotland under the Cost of Living (Tenant Protection) Bill 2022 to freeze rents and eviction ban was passed on October 6th last year and became an act on October 27th. The Act, which initially froze rents was originally due to expire on 31 March 2023, however, it has now been extended until 30th September 2023. Rent rises are currently capped in the PRS sector at 3%.

NEED TO KNOW LEVEL: BE AWARE

MAKING TAX DIGITAL

Previously coming into effect in April 2024 it has now been punted back down the road for landlords until 2026. Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) previously would have required landlords earning more than £10,000 to use MTD-compatible software to keep records and make four quarterly submissions and a final one to HMRC a year.

RENTERS (REFORM) BILL

Previously coming into effect in April 2024 it has now been punted back down the road for landlords until 2026. Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) previously would have required landlords earning more than £10,000 to use MTD-compatible software to keep records and make four quarterly submissions and a final one to HMRC a year.

NEED TO KNOW LEVEL: WATCHING BRIEF

SOCIAL HOUSING BILL IN FINAL STAGES

The Social Housing (Regulation Bill) is now in the final stages awaiting a date for consideration of amendments prior to Royal Assent. The law will require social housing managers to gain professional qualifications and allow the regulator more powers to enter properties with only 48 hours’ notice and make emergency repairs with landlords footing the bill.

HOLIDAY LET REGULATIONS

The Government unveiled plans in April which could see people needing planning permission in tourist hotspots if they want to turn a home into a holiday let. The plans were published as part of a consultation from The Department of Levelling Up, Housing and Communities. The government has also committed to introducing a short-term let registration scheme in England, which along with the planning changes would be part of the Levelling Up and Regeneration Bill (LURB) tabled in December 2022. The bill is awaiting the report stage in the House of Lords at the time of writing.

EPC CHANGES

According to reports, landlords will now have until 2028, as opposed to 2025, to upgrade their properties to EPC for all tenancies.

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