Payment of Interest on Client Account

In accepting your instructions, we may need to hold your money in our client account.

We operate an instant access account with Virgin Money, this is the Client Account and holds all money belonging to our clients in one account.

Client interest is payable to you in line with Rule 7 of the Solicitors accounts rules.

Our policy is to account to clients for interest on a fair and reasonable basis.

We will not account to you for any interest if the amount is calculated £50 or less, we consider the administration costs for dealing with the funds would exceed the interest due. We would also not pay interest on money held pending payment of a professional disbursement.

The present rate of interest on balances held up to £1 million is 1.15%, any balance over and above this threshold the rate payable will be 1.5% (December 2024) this rate is subject to revision upon changes to the Bank of England base rate.

All interest is paid gross. It is your responsibility to notify the HMRC of any interest received and to calculate and make payment of any tax due as a result. We will not notify the HMRC or pay any tax due on your behalf unless we have formal instructions to do so and have agreed to this in writing.