MOTOR ACCIDENTS COMPENSATION ACT 1999 - SECT 127 Damages for future economic loss--discount rate

MOTOR ACCIDENTS COMPENSATION ACT 1999 - SECT 127

127 Damages for future economic loss--discount rate

(cf s 71 MAA)

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

(a) deprivation or impairment of earning capacity, or

(b) loss of expectation of financial support, or

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

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

the present value of the future economic loss is to be qualified by adopting the prescribed discount rate.

(2) The
"prescribed discount rate" is--

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

(b) if no percentage is so prescribed--a discount rate of 5%.

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