Search Legislation

Advanced Search

The Court Funds Rules 2011

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Accrual of interest

This section has no associated Explanatory Memorandum

13.—(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(1), 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(3) and rule 16(2), interest shall accrue on a daily basis from the effective date until the day before money is withdrawn from the account.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.

(4) Unless the Accountant General directs otherwise, accrued interest shall be credited:

(a)to a basic account, on the last Friday in March and September;

(b)to a special account, on the last Friday in May and November;

(c)when money is withdrawn from an account;

(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) The Accountant General shall credit accrued interest without deducting income tax.

(6) If the Accountant General appoints the Director of Savings under rule 5, from the date of the appointment:

(a)paragraph (4)(a), (b) and (c) shall cease to have effect;

(b)accrued interest shall be credited to a basic account on 31 March and 30 September; and

(c)accrued interest shall be credited to a special account on 31 May and 30 November.

(1)

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.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources