Fiscal Policy & Economic Backdrop
Winter 2019

The Tenant Fees bill is set to become law in England on 1st June. It will become a civil offence for agents to charge fees to tenants in the private rented sector, with punishment of £5,000 up to £30,000 for those found flouting the law. Tenant deposits will be limited
to a maximum of five weeks’ rent on properties let for under £50,000, with a cap of one week’s rent on holding deposits.

The production of a public register of beneficial company ownership due in 2020 will now be delayed until 2023. Over two-fifths (45%) of property title registrations held by HM Land Registry where the legal owner is an overseas company are located across London, a significant proportion in prime central London. Over two-fifths (42%) of titles are held by companies incorporated in the British Virgin Islands.