The Government introduced new tenancy deposit penalty rules which apply if you fail to comply with the statutory requirements when you take a deposit from a tenant. The new rules are expected to come into force in early April 2012. They will affect deposits which you are already holding if you have not already complied with the existing requirements. They apply to all new deposits as well.
IMPORTANT NEWS FOR LANDLORDS WHO TAKE DEPOSITS FROM TENANTS – THIS AFFECTS YOU
IMMEDIATE ACTION is needed NOW if you are NOT compliant.