Interest Policy

A. Legal services client monies interest policy

In the course of providing regulated legal services, it may be necessary to retain your funds in

our client account. When holding a client's funds, we have an obligation to offer interest at a fair

and reasonable rate. We are also required to maintain an interest policy, outlining the

circumstances under which interest will be paid.

B. Our policy

Our objective is to provide you with interest at a reasonable rate. However, given that holding

your funds is incidental of fulfilling your instructions, the rate is expected to be lower than what

you could secure by depositing the money independently. It's crucial for us to guarantee

immediate access to funds held in our client account, and this necessity is considered when

determining the interest rate payable by us.

C. Rates of interest

We align the interest rates for funds held in both our general client and designated deposit

accounts with the Bank of England Base Rate, a rate subject to periodic adjustments.For amounts held outside these specified accounts, the interest rate and crediting date are

decided by the terms stipulated by the institution where the funds are kept. Consequently, these

details are beyond the scope of this policy. You can obtain the relevant interest information upon


D. Applicable taxes

Where your money is held on our general client account, any interest paid to you is paid without

any deduction for income tax (unless you are resident overseas). As such it is your responsibility

to inform HMRC of amounts of interest received from us and that implications of this will

depend upon your own financial circumstances. Where interest is held on a separate designated

deposit account interest is usually paid net of tax (unless you have signed a declaration

confirming your entitlement to receive bank interest gross). Under the European Savings

Directive regulations 2003/48/2EC we are required to inform HMRC of payments of interest to

relevant payees and residual entities in prescribed territories. Where you reside outside the UK

and EC, we are required to deduct income tax at the current basic rate and account for this

interest to HMRC directly and pay you the net amount.

E. Calculation of interest

Interest will be calculated from the time the funds become cleared for interest purposes, on

cheques or banker’s drafts this will be 3 days after the cheque or draft has been deposited with

our bank. For amounts received by debit or credit card, interest will start to accrue from the date

of the actual receipt, usually 3 days after the transaction has been authorised. For direct

transfers or same day payments, the funds become cleared on the day after receipt. Interest will

be calculated on a daily basis and calculated on amounts held overnight from the day the funds

become cleared for interest purposes.

Interest will be calculated at the end of the matter and will be added to the client ledger at that


F. When interest will not be paid

Interest will not be paid if the total amount calculated for the period that cleared funds are held

is less than £50.00. For further detailed arrangement, please see in each case the wording of our

Client Care Letter (CCL) or our interest policy statement. The interest policy statement can be set

out in full in our firm’s Terms & Conditions and separate index on our website.