Scottish Ministers have made an order setting the discount rate for personal injury awards at minus 0.75% which comes into effect today, 28 March.
The new figure for 2017, which has dropped from the previous rate of 2.5%, has been based on a three-year average of real returns on index-linked gilts. It is the same rate set by the Lord Chancellor for personal injury awards in England and Wales and which came into effect there on 20 March 2017.
Kim Leslie, Convener of the Law Society’s Civil Justice Committee, said: “This is a significant change which will affect all solicitors working on personal injury cases and the advice they offer their clients. We’re pleased that the Scottish Government has acted so quickly to introduce the change to provide certainty for solicitors and their clients.”
The Order comes into effect on 28 March 2017 following publication of the Order and Executive Note.