The £85,000 limit was in effect for almost five years until 3 July 2015.
The limit was then reduced to the current limit of £75,000.
Under the proposals depositors will be protected up to £85,000 as of 30 January 2017.
We recommend as a risk reduction exercise businesses including companies should open a second bank account or building society account to hold some reserve working capital.
As with all of our tax tips and web pages this information is necessarily summarised and of a general nature. If you would like detailed specific advice please call us on 01865 582064 or contact us here.