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Discount rate.
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24.—(1) The Minister may, by regulations, prescribe the discount rate that shall apply for the purposes of the assessment of damages in respect of future financial loss.
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(2) Regulations under subsection (1) may prescribe different rates in respect of different classes of financial loss or different periods of time.
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(3) The court may apply a discount rate other than the rate prescribed under subsection (1) if it considers that the application of the rate prescribed would result in injustice being done.
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(4) In this section “discount rate” means, in relation to the assessment of damages by a court, the rate commonly referred to by that name that is applied by the court for the purpose of determining the current value of any future financial loss.
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