Tenancy deposit scheme freezes VAT

Landlords wishing to join a tenancy deposit scheme in 2010 at mydeposits.co.uk can expect to pay the same prices as in 2009. 

VAT on deposit protection has been cut by the website so that the return of the 17.5 per cent level will not affect customers and prices have been frozen. 

Chief executive of mydeposits.co.uk Eddie Hooker said: "2009 was a difficult year for many landlords and we are pleased to be able to offer some support." 

Mr Hooker said that the existing members of the scheme, numbering 50,000, will benefit from the freeze. 

Landlords who are using the website's tenancy deposit scheme for the first time will benefit from a frozen joining fee, it was claimed. 

At £57.50, the joining fee will remain the same into 2010. 

The scheme is the only one which allows landlords to hold the deposits themselves, Mr Hooker claimed. 

According to Directgov, tenancy deposit schemes encourage landlords and tenants to make a clear agreement on a property's condition from the start of a lease. 

When they are entitled to it, tenants can get all or part of their deposit back thanks to the schemes. 

Written by Sarah Field

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