Changes to SHR financial return submission dates
28 May 2020
I hope that you and your staff and tenants are managing to stay safe and well.
On the 31st March we extended the timescales for all landlords to submit the Annual Return on the Charter and for RSLs to submit the Five Year Financial Projections (FYFP) and the Loan Portfolio Return to the end of July. We committed to keeping this date under review as the situation developed.
RSLs have told us about the many challenges they face. Two of the main concerns are:
- the increased economic uncertainty; and
- operational challenges during the pandemic and how to ensure the safety and well-being of tenants and staff, particularly for RSLs providing care or support.
Given the unprecedented challenges that RSLs face, we are extending the submission date for the FYFP to 30 September 2020. This should give RSLs additional time, where they need it, to measure and reflect the impact of the pandemic as best they can into their projections.
We do however acknowledge that forecasts may not be as robust or accurate as they previously were, but it remains the case that RSLs are best placed to understand the impact of the pandemic on their forecasts. If you do experience difficulties then we’ll work with and support you with completion of the returns.
The Coronavirus (Scotland) (No.2) Bill has extended the timescale for RSLs to submit audited annual financial statements to us from within six months of the end of the period to which they relate to within nine months of the end of the period to which they relate. In line with this, we are extending the deadline for the Annual Financial Statements submission to 31 December 2020.
I hope that you find the information useful. We look forward to supporting you over the coming months and we are happy to discuss any specific issues if that would be helpful.
Director of Regulation