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General

Damages Bill introduced 19/06/2018 Legislation reforming the means by which the personal injury discount rate for damages claims is set has been introduced in the Scottish Parliament.

Damages Bill introduced

Legislation reforming the means by which the personal injury (PI) discount rate for damages claims is set has been introduced in the Scottish Parliament.

The PI discount rate is used to help calculate lump sum compensation to cover future losses such as future salary losses or future care costs in personal injury cases. The Damages (Investment Returns and Periodical Payments) (Scotland) Bill addresses concerns that the current process for setting the rate lacks transparency and has not been reviewed frequently enough – with the most recent change resulting in a substantial shift to the rate.

Subject to Parliament’s approval, the Damages Bill will:

  • Put in place a new methodology for calculating the discount rate which should be applied to such losses
  • Require the discount rate to be reviewed by the Government Actuary every three years
  • Give courts in Scotland the powers to impose periodical payment orders for future financial loss

“While the number of people affected by the discount rate is relatively small, we know that those cases tend to involve catastrophic injury with little prospect of the individual’s full recovery,” said Minister for Legal Affairs Annabelle Ewing. “That is why it is so important the law determining how the discount rate is set is clear, fair, transparent and credible.”

The Bill can be found here.

 

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