This policy is in place to inform you of our arrangements regarding interest payable on monies we hold for you. To the extent we are permitted to exclude liability under law or regulation, we will not be responsible for any acts or omissions of the bank or institution we may appoint to hold client money.
General client account
Client monies will normally be held in our general client account, in which amounts for different clients and matters are pooled. As this is an instant access account to facilitate transactions, you are unlikely to receive as much interest had you held and invested the money yourself.
Interest will be calculated daily on the balance held for each individual matter. The rate of interest paid will be calculated with reference to the rate received by us from our bank, less any relevant administrative costs, and credited to you before payment of any outstanding funds. If funds are held for an extended period, then interest will be calculated at the end of each quarter (March, June, September and December). If the total amount of interest calculated is less than £100, no interest will be paid.
Interest on funds held in our general client account is paid without any deduction of tax. It is therefore your responsibility to inform HMRC of any amounts of interest you receive from us.
Designated client accounts
When funds are held in a separate designated client account, interest is usually paid net of tax unless you instruct us otherwise.
Non-UK Residents / Non-Sterling Transactions
If you are a non-UK resident and we calculate that a sum in lieu of interest is payable, we will need to explore with you and HMRC any tax liability you may incur as a result of the interest payment and whether any withholding tax is required. We do not receive interest on our non-sterling or non-Euro client bank accounts, consequently no interest will be payable on non-sterling or non-Euro client funds.
Key contact
Andy Stephens
Chief Financial Officer
Andy is the firm’s Chief Financial Officer, responsible for strategic oversight of the firm’s financial affairs and also a number of key regulatory and risk management roles (including Money Laundering Reporting Officer and Compliance Officer for Finance & Administration).
Andy.Stephens@brownejacobson.com
+44 (0)330 045 2674
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