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That headline has understandably attracted attention – but it’s important to separate what has happened today from what changes in practice, and when.

What has happened

• The Bill has completed its passage through Parliament and is now an Act.

• The legislation provides for a ban on upwards‑only rent reviews in commercial leases in England, implemented through amendments to the Landlord & Tenant Act 1954.

What has not happened (yet)

• The ban does not apply immediately.

• Existing leases are not suddenly affected.

• The detailed operation of the ban will be dealt with through commencement regulations and transitional provisions, which are still to come.

What happens next

• The government is expected to bring the ban into force at a later “commencement date”, widely anticipated to be 2027 or possibly later, following consultation and further secondary legislation.

• The ban will primarily affect new leases and renewal leases granted after that commencement date. Existing leases will generally continue on their current terms.

• There is a partial retrospective element already built into the Act: certain renewal options entered into from 17 March 2026 onwards may be caught when they are exercised, even if the original lease precedes the commencement date.

• Further guidance is expected on related points, including how caps and collars, index‑linked reviews and stepped rents are to be treated.

Will this be challenged?

• As with any significant market intervention, there is likely to be legal and commercial scrutiny, and possibly challenge around scope, drafting and compatibility with existing arrangements..

Why this matters now

• Parties negotiating leases, options and renewal structures today need to be alive to the future impact.

• Lease drafting, valuation assumptions and investment underwriting will all need to adapt well ahead of the commencement date.