Proceeds of Crime Act 2002

296 Interest U.K.

(1) If cash is detained under section 295 for more than 48 hours [F1 (calculated in accordance with section 295(1B))], it is at the first opportunity to be paid into an interest-bearing account and held there; and the interest accruing on it is to be added to it on its forfeiture or release.

(2) In the case of cash detained under section 295 which was seized under section 294(2), the [F2 officer of Revenue and Customs] [F3 , constable [F4 , SFO officer] or accredited financial investigator] must, on paying it into the account, release the part of the cash to which the suspicion does not relate.

(3) Subsection (1) does not apply if the cash or, as the case may be, the part to which the suspicion relates is required as evidence of an offence or evidence in proceedings under this Chapter.

Textual Amendments

F1 Words in s. 296(1) inserted (1.7.2005) by Serious Organised Crime and Police Act 2005 (c. 15), ss. 100(3), 178(7)(a); S.I. 2005/1521, art. 2(1)(c)

F2 Words in s. 296(2) substituted (17.7.2013) by Finance Act 2013 (c. 29), Sch. 48 para. 8

F3 Words in s. 296(2) substituted (6.4.2008) by Serious Crime Act 2007 (c. 27), s. 94(1), Sch. 11 para. 8; S.I. 2008/755, art. 17(1)(f)

F4 Words in s. 296(2) inserted (27.4.2017 for specified purposes, 31.1.2018 for E.W.S. in so far as not already in force, 28.6.2021 for N.I. in so far as not already in force) by Criminal Finances Act 2017 (c. 22), s. 58(1)(6), Sch. 1 para. 17; S.I. 2018/78, reg. 3(aa); S.I. 2021/724, reg. 3(b)

Modifications etc. (not altering text)

C1 Pt. 5 Ch. 3 applied (27.4.2017 for specified purposes, 31.1.2018 for E.W.S. in so far as not already in force, 28.6.2021 for N.I. in so far as not already in force) by 2007 c. 30, s. 24(1) (as substituted by Criminal Finances Act 2017 (c. 22), ss. 21(3), 58(1)(6); S.I. 2018/78, reg. 3(f); S.I. 2021/724, reg. 2(1)(i))