It is essentially requiring tech companies to work for the UK government as part of law enforcement. They are required to monitor and censor users or face fines and Ofcom has the ability to shutdown things they don't like.

This basically ensures that the only people allowed to host online services for other people in the UK will be large corporations. As they are the only ones that can afford the automation and moderation requirements imposed by this bill.

You should be able to self-host content, but you can't do something like operate a forums website or other smaller social media platform unless you can afford to hire lawyers and spend thousands of dollars a month hiring moderators and/or implementing a bullet proof moderation system.

Otherwise you risk simply getting shutdown by Ofcom. Or you can do everything yo are supposed to do and get shutdown anyways. Good luck navigating their appeals processes.