# Housing Act 2004, Paragraph 7


(1) The designated account held by the scheme administrator must not contain anything other than amounts paid into it as mentioned in paragraph 6(3) and any interest accruing on such amounts.
(2) Subject to sub-paragraph (3), the scheme administrator may retain any interest accruing on such amounts.
(3) The relevant arrangements under section 212(1) may provide for any amount paid in accordance with paragraph 6(5)(a) or (6) to be paid with interest—
(a) in respect of the period during which the relevant amount has remained in the designated account, and
(b) at such rate as the Secretary of State may specify for the purposes of paragraph 3(5)(b).
(4) With the exception of any interest retained in accordance with sub-paragraph (2), nothing contained in the designated account may be used to fund the administration of the scheme.
(5) In this paragraph “ the relevant amount ”, in relation to a tenancy deposit, means the amount, in respect of the deposit, paid into the designated account by virtue of a direction given in accordance with paragraph 6(3).

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Source: https://www.legislation.gov.uk/ukpga/2004/34/schedule/10/paragraph/7 (the official version)
Page: https://openlegislation.uk/housing-act-2004/schedule-10/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.