Contents
Part 1 · Returns on investment of damages
1Assumed return on investment#
(1)Before section 1 of the Damages Act 1996 there is inserted—“B1 1 In determining the return to be expected from the investment of a sum awarded as damages for future pecuniary loss in an action for personal injury, a court must take into account the rate of return set by the official rate-assessor.2 However—a the court is to do so subject to and in accordance with rules of court (if any) made for the purpose of subsection (1),b the court may take a different rate of return into account if a party to the action shows that the different rate is more appropriate in the circumstances of the case.3 Schedule B1 contains provision about setting the rate of return for the purpose of subsection (1).4 In subsection (1), the reference to the official rate-assessor is to—a if no regulations under paragraph (b) are in force, the Government Actuary (but, when that office is vacant, the Deputy Government Actuary), orb a person appointed in place of the Government Actuary (including the Deputy as referred to in paragraph (a)) by regulations made by the Scottish Ministers.5 Regulations under subsection (4)(b) may provide for a person to deputise for the person appointed in place of the Government Actuary.6 Before making regulations under subsection (4)(b), the Scottish Ministers must obtain the agreement of—a as respects appointment in place of the Government Actuary, the person to be appointed,b as respects deputising as mentioned in subsection (5), the person who is to deputise as provided for.7 Regulations under subsection (4)(b) are subject to the affirmative procedure.”
(2)Section 1 of the Damages Act 1996 is repealed.
Part 3 · Ancillary and final matters
8Ancillary provision#
(1)The Scottish Ministers may by regulations make any incidental, supplementary, consequential, transitional, transitory or saving provision that they consider appropriate for the purposes of, in connection with or for giving full effect to this Act.
(2)Regulations under subsection (1) may—
(a)modify any enactment (including this Act),
(b)make different provision for different purposes.
(3)Regulations under subsection (1)—
(a)are subject to the affirmative procedure if they add to, replace or omit any part of the text of an Act,
(b)otherwise, are subject to the negative procedure.
9Commencement#
(1)These provisions come into force on the day after Royal Assent—
(a)section 8,
(b)this section and section 10.
(2)The other provisions of this Act come into force on such day as the Scottish Ministers may by regulations appoint.
(3)Regulations under subsection (2) bringing into force any provisions containing any text referring to the day on which the provisions come into force may amend the text so that the text specifies the date on which the provisions actually come into force.
(4)Regulations under subsection (2) may—
(a)include transitional, transitory or saving provision,
(b)make different provision for different purposes.
Schedule · Investments: setting rate of return
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