How Do You Calculate Interest On Special Damages?


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Vikash Swaroop Profile
Vikash Swaroop answered
The term special damages describes a compensation that has been paid in monetary terms and you pay it as pre-trial. A loss may have been incurred due to some accident or illness. Examples of this phenomenon include such things as the money spent on prescription fees, damages to property and insurance.

When it comes to the interest that has been calculated on special damages, it can be calculated in that case only when the compensation amounts to more than £200. On special damages your entitlement for the interest is half of the special interest account rate. This rate varies from time to time and presently it is six per cent. So your entitlement is half of this. So if you intend to calculate the interest on it, you can apply the rate of three per cent and then calculate it.

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