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GLOSSARY

Discount rate definition

Published by a LexisNexis Pensions expert

What does Discount rate mean?

The rate of interest used to find the present value of a future cash flow.

If the discount rate used in a pension fund is a high one (ie the actuary thinks the pension fund will perform well in the future), the amount of money needed today is less. A discount rate reduces the current value of a future liability amount by recognising that investment returns or interest over time will help repay the liability. The discount rate used is often related to the assumed rate of return on bond yields.

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Cost of accommodation

Cost of accommodation NOTE: On 2 December 2024, the Lord Chancellor announced that the discount rate would change to positive 0.5%. The positive 0.5% discount rate is effective from 11 January 2025. Schedule A1 to the Damages Act 1996, as inserted pursuant to Part 2, section 10 of the Civil Liability Act 2018, provides that subsequent reviews are to take place within five years of the conclusion of the previous review which means that the next review must commence on or before 2 December 2029. Which accommodation costs can be claimed? An accident may affect a disabled claimant’s accommodation needs in several ways: • adaptation of existing or future accommodation may be required • there may be additional running costs • in serious cases, the claimant’s injuries may justify rehousing in more suitable accommodation Where the claimant’s injuries do justify rehousing, the most contentious question becomes (particularly on or after 11 January 2025) how the extra capital cost of the accommodation is to be measured in the...

Wales: Land transaction tax (LTT)—chargeable consideration and rates of LTT

Wales: Land transaction tax (LTT)—chargeable consideration and rates of LTT Land transaction tax (LTT) replaced stamp duty land tax (SDLT) in Wales with effect from 1 April 2018. This Practice Note examines how LTT is calculated, the meaning of chargeable consideration for LTT purposes and the rates. Where relevant, comparisons between LTT and SDLT are highlighted. The Practice Note expands on the basics of LTT set out in the Practice Note: Wales: Land transaction tax (LTT)—the basics. LTT is set out in the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (LTTADT(W)A 2017). Statutory references are to the LTTADT(W)A 2017 unless stated otherwise. How is LTT calculated? LTT is charged on the acquisition and disposal of an interest in freehold or leasehold land. LTT is charged on not just the purchase of freehold land or on the grant of a lease (which would be the creation of an interest) but also on the release of an interest, such as the release of a restrictive covenant...

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Schedule of loss & dependency in a fatal accident claim

Schedule of loss & dependency in a fatal accident claim [IN THE COUNTY COURT AT [INSERT] OR IN THE HIGH COURT OF JUSTICE] [ [Specify division] ] [ [Insert location] DISTRICT REGISTRY ] Claim No: Between AB Claimant (the Widow and Executrix of the estate of A, deceased) and C Limited Defendant NOTE: On 2 December 2024 the Lord Chancellor announced that the discount rate would change to positive 0.5%. The positive 0.5% discount rate is effective from 11 January 2025. Schedule A1 to the Damages Act 1996 provides that subsequent reviews are to take place within five years of the conclusion of the previous review which means that the next review must commence on or before 2 December 2029. The Claimant reserves the right to alter, amend or add to this schedule at any time up to and including trial. Background data Deceased’s date of birth [date] Claimant’s date of birth [date] Claimant and deceased marry [date] First child [name] born [date] Second child [name]...

Schedule of loss—multi track

Schedule of loss—multi track [IN THE COUNTY COURT AT [INSERT] OR IN THE HIGH COURT OF JUSTICE] [[SPECIFY DIVISION]] [[INSERT LOCATION] DISTRICT REGISTRY] Claim No: Between [Insert name] Claimant and [Insert name] Defendant ________________________________________________ SCHEDULE OF LOSS CALCULATED TO [INSERT DATE OR INSERT THE DATE OF TRIAL] ________________________________________________ NOTE: On 2 December 2024 the Lord Chancellor announced that the discount rate would change to positive 0.5%. The positive 0.5% discount rate is effective from 11 January 2025. Schedule A1 to the Damages Act 1996 provides that subsequent reviews are to take place within five years of the conclusion of the previous review which means that the next review must commence on or before 2 December 2029. The Claimant reserves the right to alter, amend or add to this schedule at any time up to and including trial. A. BACKGROUND DATA Claimant’s date of birth: [insert date of birth eg 25 August 1986] Date of accident: [insert date of accident eg 16 April 2018] Claimant’s age at...

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