14Damages for future economic loss—discount rate

14 Damages for future economic loss—discount rate

14 Damages for future economic loss—discount rate

(1) If an award of damages is to include any component, assessed as a lump sum, for future economic loss of any kind, the present value of that future economic loss is to be determined 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.

s 14: Am 2002 No 92, Sch 2 [6].