The Act became law on 8th February 2022 although we do not know yet when it will come into force. The Department responsible says that will be by 8th August.
The objective of the Act is to deal with the ‘ground rent scandal’ under which some developers created leases for their new flats with ‘dynamic’ income streams (with any or all of high ground rents, frequent increases and massive increases). Their objective was to sell the income stream to investors. So the main provision of the Act is to say that any new long lease granted for a single dwelling must be at a peppercorn rent.
However a lease which was in existence at the commencement of the Act can be regranted with the original rent (or a lower one) during the original term, but during any extended term, the rent must be nil. So if the original lease was for 99 years from 2015 (so expiring in 2114) at a rent of £250 pa doubling every 20 years, the new lease can be for say 125 years and the rent can be no more than £250 pa, doubling in 2040 and every 25 years thereafter but dropping to a peppercorn in 2114.
As at present, a lease granted following a claim under the 1993 Act must be at a peppercorn ground rent from the commencement.
There are special rules for shared ownership leases and community housing leases and home finance plan leases are excepted.
Any rent paid over the limit must be returned within 28 days and there are fines for not doing so (£500 – £30,000).
Legislation can be found HERE
1 the Department for Levelling Up, Housing & Communities
2 house or flat
 Now formally known as a pre-commencement lease