Sch. B1 inserted (S.) (1.7.2019) by Damages (Investment Returns and Periodical Payments) (Scotland) Act 2019 (asp 4), s. 9(2), sch.; S.S.I. 2019/197, reg. 2

http://www.legislation.gov.uk/ukpga/1996/48/schedule/B1/crossheading/notional-investment-portfolio/2019-07-01Damages Act 1996 An Act to make new provision in relation to damages for personal injury, including injury resulting in death.1996-07-24texttext/xmlenStatute Law Database2024-07-25Expert Participation2019-07-01SCHEDULE B1Setting the rate for section B1(1): ScotlandNotional investment portfolio121

As for the basis on which the rate-assessor is to proceed by virtue of paragraph 7(1), the notional portfolio is a combination of various types of things for investment in.

2

In the table—

a

the first column shows the types of things that the portfolio is composed of,

b

the second column shows the percentage that each of the types of things is of the portfolio.

3

Here is the table—

cash or equivalents

10%

nominal gilts

15%

index-linked gilts

10%

UK equities

7.5%

overseas equities

12.5%

high-yield bonds

5%

investment-grade credit

30%

property (heritable or moveable)

5%

other types (see the examples)

5%

4

Examples of other types as mentioned at the bottom of the first column of the table are infrastructure, commodities, hedge funds and absolute return funds.

13

So far as necessary, if—

a

an entry in the first column of the table is not ascribed meaning by regulations under paragraph 14, or

b

any associated examples are not ascribed meaning by regulations under paragraph 14,

the entry is or (as the case may be) examples are to be interpreted by the rate-assessor as appropriate by bringing to bear professional knowledge of what the relevant terminology is commonly understood to mean in investment contexts.

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<note class="commentary F" eId="key-b973d49af062a546461bfbd25be738c2">
<p>
Sch. B1 inserted (S.) (1.7.2019) by
<ref href="http://www.legislation.gov.uk/id/asp/2019/4">Damages (Investment Returns and Periodical Payments) (Scotland) Act 2019 (asp 4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/asp/2019/4/section/9/2">s. 9(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/asp/2019/4/schedule">sch.</ref>
;
<ref href="http://www.legislation.gov.uk/id/ssi/2019/197">S.S.I. 2019/197</ref>
,
<ref href="http://www.legislation.gov.uk/id/ssi/2019/197/regulation/2">reg. 2</ref>
</p>
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<ukm:InForceDates>
<ukm:InForce Applied="false" Prospective="true" Qualification=""/>
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<ukm:UnappliedEffect AffectedExtent="E+W+S+N.I." AffectedYear="1996" AffectingYear="2019" Modified="2019-08-22T10:03:33Z" AffectedClass="UnitedKingdomPublicGeneralAct" Type="inserted" AffectedProvisions="s. 4B" URI="http://www.legislation.gov.uk/id/effect/key-e469f2258f5aa3a4f62c4511ef184f32" AffectingClass="ScottishAct" AffectingURI="http://www.legislation.gov.uk/id/asp/2019/4" AffectingNumber="4" EffectId="key-e469f2258f5aa3a4f62c4511ef184f32" RequiresApplied="true" AffectedNumber="48" Row="14" AffectedURI="http://www.legislation.gov.uk/id/ukpga/1996/48" AffectingProvisions="s. 7(1)" AffectingEffectsExtent="S">
<ukm:AffectedTitle>Damages Act 1996</ukm:AffectedTitle>
<ukm:AffectedProvisions>
<ukm:Section xmlns:err="http://www.legislation.gov.uk/namespaces/error" Ref="section-4B" URI="http://www.legislation.gov.uk/id/ukpga/1996/48/section/4B" err:Ref="Section missing in legislation" Missing="true">s. 4B</ukm:Section>
</ukm:AffectedProvisions>
<ukm:AffectingTitle>Damages (Investment Returns and Periodical Payments) (Scotland) Act 2019</ukm:AffectingTitle>
<ukm:AffectingProvisions>
<ukm:Section Ref="section-7-1" URI="http://www.legislation.gov.uk/id/asp/2019/4/section/7/1">s. 7(1)</ukm:Section>
</ukm:AffectingProvisions>
<ukm:CommencementAuthority>
<ukm:Section Ref="section-9-2" URI="http://www.legislation.gov.uk/id/asp/2019/4/section/9/2">s. 9(2)</ukm:Section>
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<ukm:Alternatives>
<ukm:Alternative Date="2008-03-02" URI="http://www.legislation.gov.uk/ukpga/1996/48/pdfs/ukpga_19960048_en.pdf" Title="Print Version"/>
</ukm:Alternatives>
<ukm:Statistics>
<ukm:TotalParagraphs Value="60"/>
<ukm:BodyParagraphs Value="12"/>
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<portionBody>
<hcontainer name="schedules" eId="d4e187" period="#period2">
<hcontainer name="schedule" eId="schedule-B1" period="#period3">
<num>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944 first">
<noteRef href="#key-b973d49af062a546461bfbd25be738c2" marker="F1" class="commentary attribute F"/>
SCHEDULE B1
</ins>
</num>
<heading>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">Setting the rate for section B1(1): Scotland</ins>
</heading>
<hcontainer name="crossheading" eId="schedule-B1-crossheading-notional-investment-portfolio" period="#period1">
<heading>
<em>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">Notional investment portfolio</ins>
</em>
</heading>
<paragraph eId="schedule-B1-paragraph-12" period="#period1">
<num>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">12</ins>
</num>
<subparagraph eId="schedule-B1-paragraph-12-1">
<num>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">1</ins>
</num>
<content>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">As for the basis on which the rate-assessor is to proceed by virtue of paragraph 7(1), the notional portfolio is a combination of various types of things for investment in.</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-B1-paragraph-12-2">
<num>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">2</ins>
</num>
<intro>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">In the table—</ins>
</p>
</intro>
<paragraph eId="schedule-B1-paragraph-12-2-a">
<num>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">a</ins>
</num>
<content>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">the first column shows the types of things that the portfolio is composed of,</ins>
</p>
</content>
</paragraph>
<paragraph eId="schedule-B1-paragraph-12-2-b">
<num>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">b</ins>
</num>
<content>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">the second column shows the percentage that each of the types of things is of the portfolio.</ins>
</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-B1-paragraph-12-3">
<num>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">3</ins>
</num>
<content>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">Here is the table—</ins>
</p>
<tblock class="tabular">
<table>
<tr>
<td>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">cash or equivalents</ins>
</p>
</td>
<td>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">10%</ins>
</p>
</td>
</tr>
<tr>
<td>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">nominal gilts</ins>
</p>
</td>
<td>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">15%</ins>
</p>
</td>
</tr>
<tr>
<td>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">index-linked gilts</ins>
</p>
</td>
<td>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">10%</ins>
</p>
</td>
</tr>
<tr>
<td>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">UK equities</ins>
</p>
</td>
<td>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">7.5%</ins>
</p>
</td>
</tr>
<tr>
<td>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">overseas equities</ins>
</p>
</td>
<td>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">12.5%</ins>
</p>
</td>
</tr>
<tr>
<td>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">high-yield bonds</ins>
</p>
</td>
<td>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">5%</ins>
</p>
</td>
</tr>
<tr>
<td>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">investment-grade credit</ins>
</p>
</td>
<td>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">30%</ins>
</p>
</td>
</tr>
<tr>
<td>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">property (heritable or moveable)</ins>
</p>
</td>
<td>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">5%</ins>
</p>
</td>
</tr>
<tr>
<td>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">other types (see the examples)</ins>
</p>
</td>
<td>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">5%</ins>
</p>
</td>
</tr>
</table>
</tblock>
</content>
</subparagraph>
<subparagraph eId="schedule-B1-paragraph-12-4">
<num>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">4</ins>
</num>
<content>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">Examples of other types as mentioned at the bottom of the first column of the table are infrastructure, commodities, hedge funds and absolute return funds.</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-B1-paragraph-13" period="#period1">
<num>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">13</ins>
</num>
<intro>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">So far as necessary, if—</ins>
</p>
</intro>
<paragraph eId="schedule-B1-paragraph-13-a">
<num>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">a</ins>
</num>
<content>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">an entry in the first column of the table is not ascribed meaning by regulations under paragraph 14, or</ins>
</p>
</content>
</paragraph>
<paragraph eId="schedule-B1-paragraph-13-b">
<num>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">b</ins>
</num>
<content>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944">any associated examples are not ascribed meaning by regulations under paragraph 14,</ins>
</p>
</content>
</paragraph>
<wrapUp>
<p>
<ins class="key-b973d49af062a546461bfbd25be738c2-1566911200944 last">the entry is or (as the case may be) examples are to be interpreted by the rate-assessor as appropriate by bringing to bear professional knowledge of what the relevant terminology is commonly understood to mean in investment contexts.</ins>
</p>
</wrapUp>
</paragraph>
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</hcontainer>
</hcontainer>
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