Boodle Hatfield Property Insights, Dec 2023 - Flipbook - Page 3
Boodle Hat昀椀eld
Property Insights
Pending changes to energy
performance certi昀椀cates
Landlords of residential properties have become familiar
with the requirement to provide their tenants with an
Energy Performance Certi昀椀cate of band E or better before
letting or continuing to let a residential property in order
to comply with the Minimum Energy Ef昀椀ciency Standards
(MEES). It had been anticipated following government
consultation that the MEES requirements for residential
properties would be tightened to B and C or above from
April 2025 for new lettings and April 2028 for existing
residential tenancies.
Whilst many had anticipated a delay in implementing
the proposed change, it was a surprise to most when
the government announced in September that the MEES
requirements for residential properties will now remain
at Band E. Whilst this may come as a relief to landlords
faced with the increased costs associated with improving
an EPC rating or claiming and registering an exemption,
many residential landlords will have already started the
process of reviewing and upgrading their properties.
There is no indication that the MEES requirements
for commercial properties will bene昀椀t from a similar
change of policy and, at present, the government
remains on track to increase the MEES requirement
for commercial properties to Band B or above by
2030 with Band C by 2027 as an interim standard.
Kate Symons, Property Senior Associate
Key measures of relevance to entrepreneurs include:
•
The “full expensing” regime has been made
permanent (i.e., businesses can continue to claim
back certain investments in full against corporation
tax).
•
Extension to the 75% discount on business rates up
to £110,000 discount for retail hospitality and leisure
businesses for another year as well.
•
£500m of funding for UK arti昀椀cial intelligence over
the next two years to fund more ‘innovation centres’
to help make the UK an ‘AI powerhouse’.
•
The promise of a new £150m Investment Opportunity
Fund.
•
An additional £4.5bn of support is promised between
2025 and 2030 for our fastest-growing innovation
sectors.
More detail, on all of the above measures is likely to
follow in due course.
Hugo Brown, Corporate Associate
Autumn statement brings
support for entrepreneurs
Updates on the Building Safety
Act
Despite speculation from various sources in the
run up to the Autumn Statement, the Chancellor of the
Second staircase timescale for implementation
The Autumn Statement did however include reference to
the need to ‘support entrepreneurs in raising capital’ and
the importance of supporting ‘universities, scientists and
start-ups’ announcing the need to back ‘the entrepreneur
taking risk in a modern dynamic economy’ and the
announcement that business rates relief will be extended
for another year seeing the government freeze the small
business multiplier.
The Government con昀椀rmed in July that new guidance
would be introduced requiring second staircases in
residential buildings above 18m in height. We now have
more of an idea as to the timing of the new provisions with
the announcement from Michael Gove in late October that
developers will have 30 months from the date that the
changes to Approved Document B are formally published
during which new building regulations applications
can conform to either the guidance as it stands today
or to the new guidance requiring a second staircase.
After the 30 months all applications must adhere to the
new guidance and a second staircase will be required.
Exchequer, Jeremy Hunt, did not cut stamp duty rates,
or introduce the mooted ‘rebate to renovate’ to reduce
stamp duty for householders undertaking energy
ef昀椀ciency upgrades.
