Regulation 3 Applications made and notices given on or after 1 April 2020

(1)

Subject to paragraph (2), the fees payable in respect of applications made and notices given which are set out in paragraphs 1 and 2 of Part 1 of the schedule are to be varied with effect from 0900 hours on 1 April each year, beginning on 1 April 2020, and are to be determined in accordance with paragraph (3).

(2)

Where 1 April in any year falls on a Saturday or Sunday, the fees are varied from 0900 hours on the Monday following 1 April.

(3)

The fee payable is to be determined in accordance with the formula—

F e e i, t = [\begin{matrix} (\frac{C P I y}{C P I y - 1}) & * F e e i, t - 1 \end{matrix}]

Explanation:

Fee_i,t is the value of the fee i (where i refers to the principal, property, agent and late fee) to be applied in the financial year t.
CPI_y is the value of the Consumer Prices Index (All Items) for the calendar year y, where the calendar year y is the calendar year which precedes the financial year t.
CPI_y-1 is the value of the Consumer Prices Index (All Items) for the calendar year which precedes the calendar year y.
Fee_i,_t-1 is the value of the fee that was applied in the preceding financial year, t – 1.
The unrounded value of the fee will be used in the formula, and the value of the fee applied in year t will be rounded to the nearest pound.