Interest Policy

Interest Policy

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Interest Policy

In accordance with the Solicitors Regulation Authority’s Accounts Rules 2018 we are required to account to you for interest on money held by us in our client account when it’s fair and reasonable to do so, in circumstances whereby the holding of client money is incidental to the carrying out of our client’s instructions.  In addition, we are required to hold client money in an instant access account to facilitate transactions.  As a result, the amount of interest paid under this policy is unlikely to be as high as the amount that you are likely to obtain for yourself.

Interest will be paid where the amount of interest calculated exceeds £45.00.

Where money is held in relation to separate matters for you, we will treat the matter and money separate, unless the matters are so closely related that they should be considered together.

Where client monies are held in our general client account, we will pay interest without deducting tax at source.  You will be responsible for declaring any interest to HM Revenue & Customs.  Where client monies are held in a separate designated client account, interest is usually paid net of basic rate income tax.

Interest will be calculated on a daily basis, using the rate of interest offered to business customers on instant access deposit accounts at the bank where we hold our general client funds.

Interest will be calculated on cleared client funds.  In the case of cheques received, this will be 10 days after the cheque has been deposited within our bank, and for amounts received in cash or via credit or debit card, standing orders, BACS and CHAPS, interest will accrue from the day of receipt into our client account.

We will normally account to you for interest at the conclusion of the matter.  You may contract out of receiving interest by signing a written agreement with us.

This interest policy, including the de minimis limit of £45 will be reviewed periodically, particularly if changes are made to the bank of England’s Base Rate.

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