MOTOR ACCIDENTS ACT 1988 - SECT 71 Discount rate applicable to certain awards of damages

MOTOR ACCIDENTS ACT 1988 - SECT 71

71 Discount rate applicable to certain awards of damages

(1) Where an award of damages is to include compensation, assessed as a lump sum, in respect of damage for future economic loss which is referable to:

(a) deprivation or impairment of earning capacity, or

(b) loss of expectation of financial support, or

(b1) the value of future services of a domestic nature or services relating to nursing and attendance, or

(c) a liability to incur expenditure in the future,

the present value of the future economic loss shall be qualified by adopting:

(d) a discount rate of the percentage prescribed by the regulations, or

(e) if no percentage is prescribed as referred to in paragraph (d), a discount rate of 5 per cent.

(2) Except as provided by this section, nothing in this section affects any other law relating to the discounting of sums awarded as damages.