Following the change in England and Wales, the Isle of Man Treasury have now announced that they are conducting a review of the discount rate applicable to personal injury compensation awarded by the Isle of Man Courts.

The discount rate applicable in the Isle of Man is currently +2.5%, having been set by the Damages (Personal Injury) Order 2014 (made under section 24(1) of the Law Reform Act 1997) Tynwald. The decision in De Yoxall v Moore[1] confirmed that, notwithstanding the applicable rates of other jurisdictions, this rate would be upheld by the Courts and only departed from in exceptional cases where the specific facts of the case meant that a different rate would be more appropriate, until such time that it was amended by Treasury.

Treasury have confirmed the Isle of Man review is underway and they are considering the detailed findings of documentation published with the Lord Chancellor’s announcement in July, alongside developments in other jurisdictions such as Scotland, Jersey and Guernsey.

The review is anticipated to take a number of months to complete with the aim of legislation to amend the discount rate being brought to Tynwald no later than the January 2020 sitting. In the interim period, the discount rate in the Isle of Man will remain at +2.5%.

A link to the press release announcing the discount rate review can be found here.

[1] De Yoxall v Moore [4 August 2015] ORD 2009/17 (Unreported)

Share
Twitter LinkedIn Email Save as PDF
More News
22 Nov 2019 | News

Crown Dependencies release updated Economic Substance Guidance

The governments of Guernsey, the Isle of Man and Jersey have today released version 2.0 of their joi...

8 Nov 2019 | News

Appleby Isle of Man Celebrates 120th Anniversary

International law firm, Appleby, recently celebrated its 120th anniversary on the Isle of Man.

5 Nov 2019 | News

Positive Energy: Appleby comments on an active Energy and Natural Resources sector

Appleby has reported another strong year in the energy and natural resources sector and has acted on...

9 Oct 2019 | News

“Do-Nut” worry and “Sweeten your Friday”

Appleby has partnered with local shops and bakeries in seven locations to offer local residents a co...

25 Sep 2019 | News

Appleby Partner officially appointed President of the Isle of Man Chamber of Commerce

Appleby Partner, Caren Pegg, has been officially appointed as President of the Isle of Man Chamber o...

23 Sep 2019 | News

Appleby Managing Partner announced as Inspirational Leader of the Year

Appleby Isle of Man Managing Partner, Faye Moffett, has been announced as ‘Inspirational Leader of...

17 Sep 2019 | News

Applications invited for the 2019/20 Appleby Academy programme

Applications from Year 13 students are being invited for the Appleby Academy 2019/20 programme.