Damages Act 1996

• (1) A rate of return that would be arrived at but for this paragraph is to be rounded up or down by the rate-assessor to the nearest figure permitted, if necessary so as to come to—

• (a) a whole number (including zero), or

• (b) a number comprising or incorporating a decimal fraction of 0.25, 0.5 or 0.75.

• (2) If two permitted figures are equally near when rounding under sub-paragraph (1) arises, rounding is to be to whichever of the figures is reached—

• (a) from the positive side of zero, by going towards (or to) zero, or

• (b) from the negative side of zero, by going further below zero.

Single or multiple rates

21

• (1) Except where the Department of Justice by regulations requires more than one rate of return to be set by the rate-assessor, a rate of return is to be set so as to have effect for all cases.

• (2) Where more than one rate of return is set for the time being by virtue of regulations under sub-paragraph (1), a review under paragraph 1(1) or 2(1) is to be conducted separately in relation to each rate of return (and a reference in paragraph 2(4)(b) to the previous review is to be read as necessary for this).

22

Regulations under paragraph 21(1) must—

• (a) specify the circumstances to which each rate of return is to relate,

• (b) require the rate-assessor’s report under paragraph 23 to cover each rate of return separately.

Reporting and effective date

23

• (1) After a review under paragraph 1(1) or 2(1) is concluded, the rate-assessor must send to the Department of Justice a report on the conduct of the review.

• (2) The report is to be sent to the Department of Justice without undue delay (and no later than on the last day of the 90-day period described in paragraph 3(2)).

• (3) The report is to—

• (a) include—

• (i) a rate determination made in the review,

• (ii) a summary of the calculation of the rate of return (which may be accompanied by explanatory or supporting material),

• (b) state the day on which the report is sent to the Department of Justice (and the day on which the review is concluded).

24

• (1) The Department of Justice must lay the report before the Northern Ireland Assembly as soon as practicable after the day on which the Department receives the report from the rate-assessor.

• (2) The rate-assessor must publish the report on the same day as the report is laid before the Northern Ireland Assembly by the Department of Justice.

25

A rate determination comes into effect at the beginning of the day after the day on which the report including the determination is laid before the Northern Ireland Assembly by the Department of Justice.

Reimbursement of costs

26

The Department of Justice must adequately reimburse the rate-assessor for costs, including as to staff and outlays, incurred by the rate-assessor in exercising the rate-assessor’s functions with respect to a review under paragraph 1(1) or 2(1).

Transitional arrangements

27

• (1) This sub-paragraph applies to a rate of return—

• (a) prescribed by an order under section 1(1) of the Damages Act 1996, and

• (b) having effect—

• (i) in relation to Northern Ireland, and

• (ii) immediately before the appointed day.

• (2) A rate of return to which sub-paragraph (1) applies is to be treated from the appointed day as if it were set for the purpose of section C1(1).

28

• (1) A review under paragraph 1(1) of the position of there being no rate of return cannot cause the maintaining of that position, so in conducting such a review in relation to that position—

• (a) paragraphs 5(a) and 33(5)(a) are to be read as if referring to a rate of return of some sort, and

• (b) paragraphs 5(b) and 33(5)(b) are to be ignored.

• (2) On the question of a review under paragraph 1(1) of the position of there being no rate of return, see paragraph 1(3)(b).

29

Paragraph 6 extends to views received, in advance of the appointed day, in anticipation of the starting of a review under paragraph 1(1).

30

Paragraph 26 extends to costs incurred, in advance of the appointed day, in anticipation of the starting of a review under paragraph 1(1).

Procedure for regulations

31

• (1) Regulations under this Schedule may—

• (a) make provision to apply in all cases, or

• (b) make different provision for different circumstances.

• (2) The power to make regulations under this Schedule is exercisable by statutory rule for the purposes of the Statutory Rules (Northern Ireland) Order 1979.

• (3) Regulations under this Schedule may not be made unless a draft of the regulations has been laid before, and approved by a resolution of, the Northern Ireland Assembly.

Interpretation of Schedule

32

In this Schedule, a reference to the rate-assessor is to the official rate-assessor as mentioned in section C1(1).

33

• (1) Sub-paragraphs (2) to (5) apply for the interpretation of this Schedule.

• (2) A rate of return is a rate of return for the purpose of section C1(1).

• (3) A rate of return is set as a result of a review under paragraph 1(1) or 2(1) and on the coming into effect of a rate determination made by the rate-assessor in that review.

• (4) A review of a rate of return under paragraph 1(1) or 2(1) is concluded when the rate-assessor makes a rate determination in the review.

• (5) A rate determination is a determination by the rate-assessor that is to be made in a review under paragraph 1(1) or 2(1) of what the new rate of return is, either—

• (a) different from the rate of return under review, or

• (b) the same as the rate of return under review.

34

In this Schedule—

• “the appointed day” means the day on which the Schedule to the Damages (Return on Investment) Act (Northern Ireland) 2022 comes into operation;

• “the Department of Justice” means the Department of Justice in Northern Ireland.