Rule 13 Accrual of interestI1

England and Wales

(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^f1, 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) F1..., interest shall accrue F2... from the effective date until the day before money is withdrawn from the account.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 F3that is to be satisfied, in whole or in part, out of a fund in court under CPR rule 37.3.

F4(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, F5on 31 March and 30 September;

(b)

to a special account, F6on 31 May and 30 November;

F7(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.

F8(5)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9(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.

Annotations

Textual amendments

F1: Words in rule 13(2) omitted (19.1.2026) by virtue of The Court Funds (Amendment) Rules 2025 (S.I. 2025/1275), rules 1(1), 4(a)(i)
F2: Words in rule 13(2) omitted (19.1.2026) by virtue of The Court Funds (Amendment) Rules 2025 (S.I. 2025/1275), rules 1(1), 4(a)(ii)
F3: Words in rule 13(3) inserted (27.10.2023) by The Court Funds (Amendment) Rules 2023 (S.I. 2023/987), rules 1(1), 10(a)
F4: Rule 13(3A)(3C) inserted (19.1.2026) by The Court Funds (Amendment) Rules 2025 (S.I. 2025/1275), rules 1(1), 4(b)
F5: Words in rule 13(4)(a) substituted (27.10.2023) by The Court Funds (Amendment) Rules 2023 (S.I. 2023/987), rules 1(1), 10(b)(i)
F6: Words in rule 13(4)(b) substituted (27.10.2023) by The Court Funds (Amendment) Rules 2023 (S.I. 2023/987), rules 1(1), 10(b)(ii)
F7: Rule 13(4)(c) omitted (27.10.2023) by virtue of The Court Funds (Amendment) Rules 2023 (S.I. 2023/987), rules 1(1), 10(b)(iii)
F8: Rule 13(5) omitted (19.1.2026) by virtue of The Court Funds (Amendment) Rules 2025 (S.I. 2025/1275), rules 1(1), 4(c)
F9: Rule 13(6)-(10) inserted (19.1.2026) by The Court Funds (Amendment) Rules 2025 (S.I. 2025/1275), rules 1(1), 4(d)

Commencement

I1: Rule 13 in force at 3.10.2011, see rule 1(1)

Footnotes

f1: Section 38(2) of the Administration of Justice Act 1982 (c.53) provides that one or more accounts shall be opened and kept in the name of the Accountant General at such bank or banks as may be designated by the Lord Chancellor with the concurrence of the Treasury.