On the 2nd October 2012, the second phase of timings for complying with The Tenancy Deposit Schemes (Scotland) Regulations kicks in. This means that any deposits received on or after the 2nd October 2012 need to be protected in a government approved scheme within 30 working days of the start of the tenancy.
Any deposits received before the 2nd October (but on or after the 7th March 2011) need to be protected in that way by the 13th November 2012.
If you have a deposit which you received from a tenant before the 7th March 2011 you need to protect it within 30 days of the tenancy renewal date (if this is after 12th November 2012), or if this doesn’t apply, by the 14th May 2013.
We know this can sound quite confusing, so if you’re not sure when you need to protect your tenant’s deposit, visit our website where we have a Timescales for Compliance Calculator which will help to work out the date for you! All you need is the date you received (or will receive) the deposit and a tenancy renewal date if you have one.
If you would like to find out more about tenancy deposit protection in Scotland and how it affects you, we have lots of information for landlords and letting agents on our website, or you can check out our FAQ pages.