The over-riding objective of this policy is to achieve a fair outcome for both the client and Ames Kent. It is our policy to pay clients interest on funds held on their behalf in our Client Account in accordance with Rule 7 of the SRA Account Rules.
When we receive money from or on behalf of a client, it will be paid into a general client account with our bank.
We do not hold client money in a designated client account.
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.
The rate of interest paid to clients on money held in our client account will be calculated with reference to the rate received by us from our bank and is subject to change.
We will not pay interest (or report to you) in the following situations: –
- If the amount of interest calculated by us is £50.00 or less.
- On money held for the payment of disbursements.
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.
This policy will be reviewed from time to time to ensure the over-riding objectives are met.