Statements
As with any High-Street bank, the Court Funds Office pays interest on the accounts it holds.
Interest is added to accounts every six months, at the end of May and the end of November.
As the money held is on behalf of a client, the interest added to the account is gross i.e. without taking any tax from it.
The rate of interest paid by is subject to change.
We also issue statements. This happens in April and October and shows the value of the money in the account, and any transactions that have taken place on the account up to the date the statement was issued. Statements may be requested in writing at anytime outside of these dates. They do not show the value of any equity investments.
We also issues tax vouchers, which will show how much interest has been added to the account during its existence. These may be required when preparing a tax return. Where interest has accrued on the account, tax vouchers will be included with the statements issued in May, when accounts close or when requested by clients.
We can send statements and tax vouchers only if we have the correct name and address details for our clients.
Included with the statement is a letter with a return of address form at the bottom. Please keep this in a safe place and use it to notify us of any change of address. It is important that we are kept updated with any changes of address or other personal details to ensure that the 6 monthly statements can be issued.
Each May, green tax vouchers, which should be used when calculating any income tax for child or Court of Protection account holders, will be sent with the statement. For more information on Income Tax please contact your local HM Revenue and Customs office .
If you have difficulty understanding a statement, please contact one of our Customer Services Helpline advisors who will be happy to offer assistance.