Change tracker - Code of Content

Appendix 2 – Special Situations - What Applies

2008-07-14T00:00:00Z
 

The Solicitors' Accounts Rules 1998 have been replaced on the 6 October 2011 by the SRA Accounts Rules 2011 as part of the introduction of outcomes-focused regulation.

Go to SRA Handbook

Appendix 2 of the Solicitors' Accounts Rules was amended on 31 March 2009 as part of a general updating of the rules to introduce firm-based regulation and legal disciplinary practices as provided for in the Legal Services Act 2007.

 
 

1 - Controlled trust money in client a/c–r.15(1)

Is it client money?

No

Subject to reconciliations?

Yes–r.32(7)

Keep books?

Yes–r.32(1) and (2)

Retain statements?

Yes–r.32(9)

Subject to accountant's report?

Yes–r. 42 - same as for client money

Produce records to Law Society

Yes–r.34

Deposit interest

All interest goes to trust

Retain records generally?

Yes–r.32(9)

Central records?

Bills–r.32(8)

Subject to reporting accountant's comparisons?

Yes–r.42(1)(f)–same as for client money

 

2 - Controlled trust money held outside a client account–r.18

Is it client money?

No

Subject to reconciliations?

Yes–r.32(7)

Keep books?

Yes–r.32(1) and (2)

Retain statements?

Yes–r.32(9)

Subject to accountant's report?

Yes–r.42 - same as for client money

Produce records to Law Society

Yes–r.34

Deposit interest

All interest goes to trust

Retain records generally?

Yes–r.32(9)

Central records?

Bills–r.32(8)

Subject to reporting accountant's comparisons?

Yes–r.42(1)(f)–same as for client money

 

31 - R.16(1)(a) a/cs in solicitor's name (not client a/c)

Is it client money?

Yes

Subject to reconciliations?

Yes

Keep books?

Yes–r.32(1)(a) and 32(2)

Retain statements?

Yes–r.32(9)

Subject to accountant's report?

Yes

Produce records to SRALaw Society?

Yes

DepositiInterest?

Yes–r.24

Retain records generally?

Yes–r.32(9)

Central records?

Statements or register–r.32(11), bills–r.32(8)

Subject to reporting accountant's comparisons?

Yes–r.42(1)(f)

42 - R.16(1)(b) a/cs in name of client–not operated by solicitor

Is it client money?

No

Subject to reconciliations?

No

Keep books?

No–record solicitor's receipt and payment only

Retain statements?

No

Subject to accountant's report?

No

Produce records to SRALaw Society?

No

DepositiInterest?

No–all interest earned for client–r.24, note(iii)

Retain records generally?

No–except record of solicitor's receipt and payment

Central records?

Bills–r.32(8)

Subject to reporting accountant's comparisons?

No

53 - R.16(1)(b) a/cs in name of client–operated by solicitor

Is it client money?

No

Subject to reconciliations?

No

Keep books?

No–record solicitor's receipt and payment only

Retain statements?

Yes–r.33

Subject to accountant's report?

Limited–r.42(1)(n)

Produce records to SRALaw Society?

Yes–r.11

DepositiInterest?

No–all interest earned for client–r.24, note(iii)

Retain records generally?

No–except record of solicitor's receipt and payment

Central records?

Statements–r.33, Bills–r.32(8)

Subject to reporting accountant's comparisons?

No

64 - Liquidators, trustees in bankruptcy and Court of Protection deputies

Is it client money?

Yes–r.9

Subject to reconciliations?

No–r.9

Keep books?

Modified–statutory records–r.9

Retain statements?

Yes–r.9 and r.32(9)(c)

Subject to accountant's report?

Limited–r.42(1)(l)

Produce records to SRALaw Society?

Yes–r.9

DepositiInterest?

No–r.9–comply with statutory rules

Retain records generally?

Yes–modified r.32(9)(c)

Central records?

Yes–r.32(12); Bills–r.32(8)

Subject to reporting accountant's comparisons?

No–r.9

75 - Trustees of occupational pension schemes

Is it client money?

Will be either client money or controlled trust moneyYes–r.9

Subject to reconciliations?

No–r.9

Keep books?

Modified–statutory records–r.9

Retain statements?

Yes–r.9 and r.32(9)(c)

Subject to accountant's report?

Limited–r.42(1)(l)

Produce records to SRALaw Society?

Yes–r.9

DepositiInterest?

No–r.9–comply with statutory rules

Retain records generally?

Yes–modified r.32(9)(c)

Central records?

Yes–r.32(12); Bills–r.32(8)

Subject to reporting accountant's comparisons?

No - r.9

86 - Joint accounts–r .10

Is it client money?

Yes–r.10

Subject to reconciliations?

No–r.10

Keep books?

No–r.10

Retain statements?

Yes–r.10 and 32(9)(b)(ii)

Subject to accountant's report?

Limited–r.42(1)(m)

Produce records to SRALaw Society?

Yes–r.10

DepositiInterest?

No. For joint a/c with client, all interest to client (r.24, note(ix)); for joint a/c with sol. depends on agreement

Retain records generally?

No–r.10

Central records?

Statements–r.32(13); Bills–r.32(8)

Subject to reporting accountant's comparisons?

No–r.10

97 - Solicitor acting under power of attorney

Is it client money?

Yes

Subject to reconciliations?

Yes

Keep books?

Yes

Retain statements?

Yes

Subject to accountant's report?

Yes

Produce records to SRALaw Society?

Yes

DepositiInterest?

Yes

Retain records generally?

Yes

Central records?

Bills–r.32(8)

Subject to reporting accountant's comparisons?

Yes

108 - Solicitor operates client's own a/c e.g. under power of attorney–r.11

Is it client money?

No

Subject to reconciliations?

No

Keep books?

No

Retain statements?

Yes–r.33

Subject to accountant's report?

Limited–r.42(1)(n)

Produce records to SRALaw Society?

Yes–r.11

DepositiInterest?

No–all interest earned for client (r.24, note(iii))

Retain records generally?

No–r.11

Central records?

Statements–r.33; Bills–r. 32(8)

Subject to reporting accountant's comparisons?

No

119 - Exempt solicitors under r.5

Is it client money?

No

Subject to reconciliations?

No

Keep books?

No

Retain statements?

No

Subject to accountant's report?

No

Produce records to SRALaw Society?

No

DepositiInterest?

No

Retain records generally?

No

Central records?

No

Subject to reporting accountant's comparisons?

 
7/1/2007 12:00:00 AM

Appendix 2 – Special Situations - What Applies

2008-07-14T00:00:00Z
 

The Solicitors' Accounts Rules 1998 have been replaced on the 6 October 2011 by the SRA Accounts Rules 2011 as part of the introduction of outcomes-focused regulation.

Go to SRA Handbook

Appendix 2 of the Solicitors' Accounts Rules was amended on 31 March 2009 as part of a general updating of the rules to introduce firm-based regulation and legal disciplinary practices as provided for in the Legal Services Act 2007.

 
 

1 - Controlled trust money in client a/c–r.15(1)

Is it client money?

No

Subject to reconciliations?

Yes–r.32(7)

Keep books?

Yes–r.32(1) and (2)

Retain statements?

Yes–r.32(9)

Subject to accountant's report?

Yes–r. 42 - same as for client money

Produce records to Law Society

Yes–r.34

Deposit interest

All interest goes to trust

Retain records generally?

Yes–r.32(9)

Central records?

Bills–r.32(8)

Subject to reporting accountant's comparisons?

Yes–r.42(1)(f)–same as for client money

 

2 - Controlled trust money held outside a client account–r.18

Is it client money?

No

Subject to reconciliations?

Yes–r.32(7)

Keep books?

Yes–r.32(1) and (2)

Retain statements?

Yes–r.32(9)

Subject to accountant's report?

Yes–r.42 - same as for client money

Produce records to Law Society

Yes–r.34

Deposit interest

All interest goes to trust

Retain records generally?

Yes–r.32(9)

Central records?

Bills–r.32(8)

Subject to reporting accountant's comparisons?

Yes–r.42(1)(f)–same as for client money

 

31 - R.16(1)(a) a/cs in solicitor's name (not client a/c)

Is it client money?

Yes

Subject to reconciliations?

Yes

Keep books?

Yes–r.32(1)(a) and 32(2)

Retain statements?

Yes–r.32(9)

Subject to accountant's report?

Yes

Produce records to SRALaw Society?

Yes

DepositiInterest?

Yes–r.24

Retain records generally?

Yes–r.32(9)

Central records?

Statements or register–r.32(11), bills–r.32(8)

Subject to reporting accountant's comparisons?

Yes–r.42(1)(f)

42 - R.16(1)(b) a/cs in name of client–not operated by solicitor

Is it client money?

No

Subject to reconciliations?

No

Keep books?

No–record solicitor's receipt and payment only

Retain statements?

No

Subject to accountant's report?

No

Produce records to SRALaw Society?

No

DepositiInterest?

No–all interest earned for client–r.24, note(iii)

Retain records generally?

No–except record of solicitor's receipt and payment

Central records?

Bills–r.32(8)

Subject to reporting accountant's comparisons?

No

53 - R.16(1)(b) a/cs in name of client–operated by solicitor

Is it client money?

No

Subject to reconciliations?

No

Keep books?

No–record solicitor's receipt and payment only

Retain statements?

Yes–r.33

Subject to accountant's report?

Limited–r.42(1)(n)

Produce records to SRALaw Society?

Yes–r.11

DepositiInterest?

No–all interest earned for client–r.24, note(iii)

Retain records generally?

No–except record of solicitor's receipt and payment

Central records?

Statements–r.33, Bills–r.32(8)

Subject to reporting accountant's comparisons?

No

64 - Liquidators, trustees in bankruptcy and Court of Protection deputies

Is it client money?

Yes–r.9

Subject to reconciliations?

No–r.9

Keep books?

Modified–statutory records–r.9

Retain statements?

Yes–r.9 and r.32(9)(c)

Subject to accountant's report?

Limited–r.42(1)(l)

Produce records to SRALaw Society?

Yes–r.9

DepositiInterest?

No–r.9–comply with statutory rules

Retain records generally?

Yes–modified r.32(9)(c)

Central records?

Yes–r.32(12); Bills–r.32(8)

Subject to reporting accountant's comparisons?

No–r.9

75 - Trustees of occupational pension schemes

Is it client money?

Will be either client money or controlled trust moneyYes–r.9

Subject to reconciliations?

No–r.9

Keep books?

Modified–statutory records–r.9

Retain statements?

Yes–r.9 and r.32(9)(c)

Subject to accountant's report?

Limited–r.42(1)(l)

Produce records to SRALaw Society?

Yes–r.9

DepositiInterest?

No–r.9–comply with statutory rules

Retain records generally?

Yes–modified r.32(9)(c)

Central records?

Yes–r.32(12); Bills–r.32(8)

Subject to reporting accountant's comparisons?

No - r.9

86 - Joint accounts–r .10

Is it client money?

Yes–r.10

Subject to reconciliations?

No–r.10

Keep books?

No–r.10

Retain statements?

Yes–r.10 and 32(9)(b)(ii)

Subject to accountant's report?

Limited–r.42(1)(m)

Produce records to SRALaw Society?

Yes–r.10

DepositiInterest?

No. For joint a/c with client, all interest to client (r.24, note(ix)); for joint a/c with sol. depends on agreement

Retain records generally?

No–r.10

Central records?

Statements–r.32(13); Bills–r.32(8)

Subject to reporting accountant's comparisons?

No–r.10

97 - Solicitor acting under power of attorney

Is it client money?

Yes

Subject to reconciliations?

Yes

Keep books?

Yes

Retain statements?

Yes

Subject to accountant's report?

Yes

Produce records to SRALaw Society?

Yes

DepositiInterest?

Yes

Retain records generally?

Yes

Central records?

Bills–r.32(8)

Subject to reporting accountant's comparisons?

Yes

108 - Solicitor operates client's own a/c e.g. under power of attorney–r.11

Is it client money?

No

Subject to reconciliations?

No

Keep books?

No

Retain statements?

Yes–r.33

Subject to accountant's report?

Limited–r.42(1)(n)

Produce records to SRALaw Society?

Yes–r.11

DepositiInterest?

No–all interest earned for client (r.24, note(iii))

Retain records generally?

No–r.11

Central records?

Statements–r.33; Bills–r. 32(8)

Subject to reporting accountant's comparisons?

No

119 - Exempt solicitors under r.5

Is it client money?

No

Subject to reconciliations?

No

Keep books?

No

Retain statements?

No

Subject to accountant's report?

No

Produce records to SRALaw Society?

No

DepositiInterest?

No

Retain records generally?

No

Central records?

No

Subject to reporting accountant's comparisons?

 
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