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Our easy-to-digest guides on all aspects of residential operations.

Landlord Legislation: Renters Reform Bill


06/06/2023

Author : Marry-Anne Bowring


The Renters Reform Bill has been making waves in the property and rental sectors, with one of the most talked-about proposals being the creation of a new landlord database. This move has raised many questions and concerns, especially regarding the level of data that the government, particularly HMRC (Her Majesty's Revenue and Customs), will be able to access.

As part of the Renters Reform Bill, the government proposes a landlord database that will house information on property owners. This database will be built from the data that landlords are required to submit during the registration process. The idea is to keep track of landlords in a more organized, centralized manner potentially making it easier for tenants, local authorities, and the government to manage the rental sector. However, the sheer scale of information that will be gathered raises some significant questions about how this data will be utilized and by whom.

One of the biggest concerns surrounding the introduction of the landlord database is the potential access HMRC will have to this data. With HMRC's primary role being the collection of taxes and enforcement of tax laws, it is extremely likely that the government will use this database to track landlords who may not be up to date on their tax obligations. Landlords, many of whom own multiple properties, could potentially be flagged for failing to make the necessary tax payments, and this new database would allow HMRC to spot discrepancies or tax evasion more easily. With this tool at its disposal, HMRC could strengthen its ability to enforce the collection of taxes owed by landlords.

While the government is moving forward with the landlord database proposal, there is still no clarity on whether HMRC will be granted direct access to this information. While the idea is appealing to some, it raises privacy concerns for landlords, who may not want their tax details to be so readily accessible. Some landlords fear that the creation of this database could pave the way for more invasive tax scrutiny. But as of now, the question remains: will HMRC be granted automatic access to the landlord database, or will it only be accessible under specific circumstances, such as when a tax investigation is initiated?

For landlords, the introduction of such a database brings mixed feelings. On one hand, it could help ensure transparency and accountability in the rental sector. With accurate and up-to-date information available in one place, it could be easier to spot illegal or unregistered landlords operating without complying with the law. On the other hand, landlords may feel uneasy about the level of scrutiny they could face. Some argue that while transparency is important, the unfettered access to their information by government bodies like HMRC might feel overly intrusive. If landlords have to continuously update their information or face penalties for inaccuracies, it could result in an administrative burden.

The introduction of the landlord database could significantly alter the landscape of tax collection. HMRC’s ability to gather data from this central database could help authorities target landlords who have been avoiding taxes. Many landlords already find themselves under the microscope, and with this new database, the risks of non-compliance could escalate, leading to heightened penalties and more intense enforcement. The government’s main focus here seems to be curbing tax evasion and ensuring that all landlords contribute their fair share to public finances. For landlords, the potential consequence of having their details linked to tax records could lead to greater vigilance and possibly, compliance, in order to avoid legal ramifications.

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Our parent company The Ringley Group has the following accreditations: ISO9001, ISO14001, ISO27001, ISO45001, and is a GOLD standard Investor in People and is regulated by the FCA and the RICS
Glossary of Terms
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Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.

Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.

Let: This term signifies an established binding rental agreement between the landlord and tenant.

For both lettings and sales, the guidance addresses additional terms:

New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.

New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.

New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.

New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.

Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.