Interest on discrimination awards
Finding out the current rate of interest to be applied to an award of damages for discrimination is more difficult than it ought to be.
The Employment Tribunals (Interest on Awards in Discrimination Cases) Regulations 1996 say:
the rate of interest to be applied shall be, in England and Wales, the rate from time to time prescribed for the Special Investment Account under rule 27(1) of the Court Funds Rules 1987
The Court Funds Office publishes a leaflet setting out all the rate changes since 1965.
The rate went down from 6% (where it had been constant since 2002) to 3% from 1 February 2009. It’s due to go down again to 1.5% on 1 June 2009.
Dear Naomi,
In discrimination cases, does one apply historical interest rate as on the mid-point date for the duration of the act of discrimination, or instead the most recent interest rate as at the time of filing the ET1.
Regards,
AK