Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Deposits definition

What does Deposits mean? Money placed with a bank, building society or other credit institution on terms that it will be repaid, with or without interest or a premium—commonly via current, savings or term accounts. In UK financial services law, “deposit” is a specified investment: article 74 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) defines deposits, and “accepting deposits” is a regulated activity requiring PRA/FCA authorisation. Key features are an obligation to repay the sum paid, repayment on demand or at an agreed time, and that the sum is not consideration for goods, services or other property....

Tenancy deposit protection for ASTs in England under the Housing Act 2004: scheme types, prescribed information, compliance, penalties and section 21 restrictions

Published by a LexisNexis Property Disputes expert

Practice notes

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Deposits requested by landlords and letting agents for certain residential tenancies must be safeguarded by a tenancy deposit scheme (TDS), whether insurance-based or custodial. This Practice Note outlines the purpose of the deposit legislation, the obligations on landlords, the financial penalties for non-compliance, and the limits on regaining possession.

The deposit regime

All deposits taken by landlords for residential assured tenancies (ATs) in England must be protected under a TDS. Transitional provisions exempt tenancies that were non-shorthold ATs before 1 May 2026. The parties cannot contract out of these duties. There are two forms of TDS: insurance-based schemes and custodial schemes.

They are intended to:

allow tenants to recover all or part of their deposit when they are entitled to it and make any Disputes easier to resolve
encourage landlords and tenants to agree clearly from the outset on the property's condition so that a landlord is not left out of pocket when the tenancy expires and the tenant leaves

The landlord, rather than the tenant, chooses which scheme to use. Deposits taken by landlords in Wales in connection with an occupation contract are...

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Web page updated on 22/05/2026

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