Interest Payments To Clients Policy

It is each firms policy to pay clients interest on funds held on their behalf in client accounts in accordance with Rule 7 of the SRA Account Rules.

The interest due (if any) will be calculated on completion of any client instruction / return of monies to clients and will be added to the balance due to the client.

Clients are unlikely to receive as much interest as might have been obtained had they held and invested the money themselves. The rate of interest we receive and are therefore able to pass on, can be lower than other investment rates available, and also lower than the Bank of England base rate.

In the event that the calculated total interest accruing to a client for the duration of a matter is less than £50.00 then no interest will be paid on the basis that it is a de minimis amount.

Interest is paid without any deduction of tax and where relevant must be disclosed to HM Revenue & Customs on Self Assessment (individuals) or Corporation Tax (companies) returns.