Financial implications of the Bill
108 An Impact Assessment has been prepared for the Bill and covers the implications on private sector bodies and home purchasers which derive from this Bill. The Impact Assessment illustrates a de minimis impact of less than £5m.
109 The Ministry of Housing, Communities and Local Government estimates that the number of enforcement cases will be very small. The enforcement of the provisions contained in this Bill by enforcement authorities is intended to be fiscally neutral since enforcement authorities may retain the proceeds of any financial penalties for the purposes of any of their enforcement functions relating to residential leasehold property under this Bill.
110 Over and above the use of the proceeds arising from the enforcement action, a further amount of expenditure will be required to provide additional capacity within the National Trading Standards function to support local weights and measures authorities. Leasehold law is a complex area and it is felt that a central support function will aid the effective introduction of the provisions of this Bill. The cost estimate of this support function is £29,000 per annum.