Financial implications of the Bill
356 An impact assessment is being prepared for the whole Bill and will be available at www.gov.uk. This covers the implications on private sector bodies and local authorities which derive from this Bill. It does not cover the potential financial and economic implications from new housing and planning policies announced by Government which are not delivered directly by this Bill.
357 On Right to Buy and High-Value Assets we expect fiscal neutrality between these two policy areas as Government will receive, via a formula calculation, receipts from the sale of High-Value Assets to support the extension of Right to Buy to housing association tenants. With agreement local authorities will be able to retain an element of the receipts for house building locally and also some resources to cover estimates of transaction and debt costs.
358 The High Income Social Tenant policy will mean that additional rents paid by some tenants will be provided, via local authority landlords, to the Government as income. Further detail will be provided following a public consultation.
359 Some clauses of the Bill set duties on local authorities, and Government is currently assessing these to determine whether new burdens will be created. Government will also consider potential additional costs on Departments. The Bill is not expected to have any other direct impact on public sector manpower.
360 The Bill has been drafted to limit the regulatory impacts on business. However, a small number of policies in the Bill will impact business and are in scope of the better regulation framework. Clauses on nationally significant infrastructure projects, permission in principle, approval conditions and High Income Social Tenants have been assessed as deregulatory and will deliver net benefits to business. The Private Rented Sector package falls into the low cost regulation category (less than £1 million per annum). Compulsory purchase and starter homes policies both have a regulatory impact. Outline costs and benefits for these policies are included in the Bill IA and separate assessments for scrutiny by the Regulatory Policy Committee are being prepared and will be published in due course.