The Housing (Tenancy Deposits) (Specified Interest Rate) (Revocation) (England) Order 2015

Statutory Instruments

2015 No. 14

Housing, England

The Housing (Tenancy Deposits) (Specified Interest Rate) (Revocation) (England) Order 2015

Made

5th January 2015

Coming into force

4th February 2015

The Secretary of State in exercise of the power conferred by paragraph 3(5)(b) of Schedule 10 to the Housing Act 2004(1) makes the following Order:

Citation, commencement and application

1.  This Order may be cited as the Housing (Tenancy Deposits) (Specified Interest Rate) (Revocation) (England) Order 2015 and shall come into force on 4th February 2015.

2.  This Order applies in relation to England only.

Revocation

3.  The Housing (Tenancy Deposits) (Specified Interest Rate) Order 2007(2) is revoked in England.

Signed by authority of the Secretary of State for Communities and Local Government

Brandon Lewis

Minister of State

Department for Communities and Local Government

5th January 2015

EXPLANATORY NOTE

(This note is not part of the Order)

This Order revokes the Housing (Tenancy Deposits) (Specified Interest Rate) Order 2007 (“the 2007 Order”) in England only. The 2007 Order specifies the rate of interest payable by a custodial tenancy deposit scheme on amounts of deposits repaid to tenants and landlords by the scheme at the end of a tenancy. The 2007 Order was only relevant so long as the arrangements under section 212(1) of the Housing Act 2004 (c.34) - that is, the arrangements under which the tenancy deposit schemes are established - provided for deposits repaid to tenants and landlords to be paid with interest. In England, those arrangements were changed in 2010 to provide that such amounts were no longer required to be paid with interest. The 2007 Order is therefore redundant in England.

A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.

(1)

2004 c.34. The power conferred by paragraph 3(5)(b) of Schedule 10 to the Housing Act 2004 is exercisable, as respects England, by the Secretary of State and, as respects Wales, by the National Assembly for Wales. See the definition of appropriate national authority in section 261(1) of the Housing Act 2004. By virtue of paragraphs 30 and 32 of Schedule 11 to the Government of Wales Act 2006 (c. 32), the functions of the National Assembly for Wales were transferred to the Welsh Ministers.

(2)

S.I. 2007/798.