Isle of Man High Court rejects Helmot multipliers in favour of the prescribed statutory discount rate in personal injury claims
In Yoxall v Moore (where David Platt QC was retained in an advisory capacity), the Isle of Man High Court has rejected an attempt to argue that the Island’s statutory provisions prescribing a discount rate of 2.5% in 2014 should be disapplied in favour of a common law rate of between -1% and -2.5%. The Claimant sought to argue that the statutory provisions should be bypassed and that the Privy Council decision in Simon v Helmot should dictate negative multipliers for future loss in personal injury claims- thereby leading to greatly enhanced compensation. The Isle of Man Court (His Honour Deemster Goldrein) decided to follow English and Scottish precedent in this area in preference to the Guernsey decision in Helmot, although (importantly) with a different statutory backdrop to the Channel Islands. The decision was one on a preliminary issue, thereby avoiding a trial involving actuaries, economists, investment experts and accountants likely to be listed later this year. The text of the decision is below.