Redemptions under former section 56(1)
9 Redemptions under former section 56(1)
For the purposes of section 56(1) of the Act, as in force immediately before the commencement of section 11 of the Transport Accident (Amendment) Act 2004, the amount payable to a person must be determined in accordance with the formula—
where—
A is the amount of a weekly payment calculated in accordance with regulation 7; and
B is—
if, at the date of the determination, the degree of impairment of the person is less than 50%, the amount in Column 2 of Schedule 2 opposite the number of complete weeks in the period commencing on the day on which the determination is made and ending on—
the day on which payments under section 48, 49, 50 or 51 of the Act would cease in accordance with section 53(3) of the Act, as in force immediately before the commencement of section 11 of the Transport Accident (Amendment) Act 2004; or
the day before the day on which the person attains the age of 75 years—
whichever is the earlier; or
if, at the date of the determination, the degree of impairment of the person is 50% or more, the amount in Column 2 of Schedule 2 opposite the number of complete weeks, or years and complete months, or complete years, as the case requires, in the period commencing on the day on which the determination is made and ending on the day on which the person attains the age of 75 years; and
C is the amount of a weekly payment in respect of loss of earning capacity under section 49, 50 or 51 of the Act; and
D is—
if, at the date of the determination, the degree of impairment of the person is less than 50%, the amount in Column 2 of Schedule 2 opposite the number of complete weeks in the period commencing on the day on which the determination is made and ending on the day on which payments under section 49, 50 or 51 of the Act would cease in accordance with section 53(1) or (3) of the Act; or
if, at the date of the determination, the degree of impairment of the person is 50% or more, the amount in Column 2 of Schedule 2 opposite the number of complete weeks, or years and complete months, or complete years, as the case requires, in the period commencing on the day on which the determination is made and ending on the day on which the person, by reason of section 53(1), would cease to be entitled to receive payments in respect of loss of earning capacity.
For the purposes of the definitions of B and D in subregulation (1), a period of less than one week is taken to be a complete week.
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