# The Court Funds Rules 2011, Rule 13: Accrual of interest

Extent: E+W

(1) In this rule, the effective date means:
(a) in the case of a deposit made by cheque or banker’s draft, the date on which the cheque or banker’s draft is received by the Court Funds Office;
(b) where the Accountant General has directed under rule 7(1)(b) that the deposit is to be made at a bank, the date on which the deposit is credited to the Accountant General’s account;
(c) in the case of a deposit made under rule 8, the date of its receipt in the court office; or
(d) such other date as the Accountant General may determine.
(2) Subject to paragraph (3) ..., interest shall accrue ... from the effective date until the day before money is withdrawn from the account.
(3) Interest shall cease to accrue from the date on which a claimant accepts an offer under CPR Part 36 that is to be satisfied, in whole or in part, out of a fund in court under CPR rule 37.3.
(3A) The Accountant General shall credit accrued interest without deducting income tax.
(3B) Paragraphs (3C) and (4) apply to funds deposited in sterling.
(3C) Interest shall accrue on a daily basis.
(4) Unless the Accountant General directs otherwise, accrued interest shall be credited:
(a) to a basic account, on 31 March and 30 September;
(b) to a special account, on 31 May and 30 November;
(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(d) when money is transferred from a basic account to a special account;
(e) when money is transferred from a special account to a basic account; and
(f) when an account is closed.
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) Paragraphs (7) to (10) apply to funds deposited in foreign currency.
(7) Interest shall accrue under the terms of the foreign currency account.
(8) Unless the Accountant General directs otherwise, accrued interest shall be credited:
(a) when credited under the terms of the foreign currency account;
(b) when money is reinvested; and
(c) when an account is closed.
(9) The Accountant General shall pay any charge incurred in placing foreign currency into a foreign currency account from the account in which the foreign currency is held.
(10) Unless a court, deputy or investment manager directs otherwise, the Accountant General shall convert dividend payments received in a foreign currency into sterling and invest the proceeds in accordance with this Part.

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Source: https://www.legislation.gov.uk/uksi/2011/1734/rule/13 (the official version)
Page: https://openlegislation.uk/court-funds-rules-2011/rule-13
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.