FAQs: Economic Crime and Corporate Transparency Act 2023

The Bill completed Stage 3 in the Scottish Parliament on 30 September, leaving Royal Assent as the final step before it becomes law. The legislation provides a framework for rent control, fresh rights for tenants to keep pets, and stronger tools to prevent homelessness. However, most of the key measures require further consultation and regulations, meaning agents and landlords are unlikely to see rent controls in place until 2028.

Gwynedd Council has confirmed it will appeal after a High Court judgement ruled its Article 4 Direction, intended to require planning permission for converting homes into holiday accommodation, was unlawful. The case is the first major legal test of new powers given to local authorities in Wales to control the growth of short term lets and second homes.

The Scottish Government has set out plans to modernise the 200-year-old legislation that underpins Compulsory Purchase Orders, making them fairer, faster and simpler for public bodies to use, and easier for people affected to understand. By removing barriers to the use of these powers, MSPs hope they can be used more frequently to support the delivery of new homes, infrastructure, and regeneration projects. However, the scale of the reform needed means legislation is unlikely to be brought forward until after the next Scottish Parliament Election in 2026.

Propertymark has responded to HMRC’s consultation on plans to increase the fees it charges businesses it supervises under the Money Laundering Regulations, warning that higher costs could affect small, independent agents hardest and risk undermining compliance. Proposals include raising the annual premises fee from £300 to £400, reintroducing a £400 application fee, and restructuring penalty charges into a new sanction regime with fines of up to £2,000.