Logo  
Veritas
Providing Costing Services to the UK Legal Industry
Tel(low cost) 0844 310 4567

We handle ALL aspects of cost budgeting.

Our unique software keeps track of your valuable data.


We will take the strain from beginning to end.

Starting with our FREE Pickup & Delivery Service.



Statutory Interest Calculator

For Damages and/or Cost Orders

Percentage Applied %
Date of
Order
Payment
Dates
(day received)
Payment
Amount
(Received)
No.
Days
Interest
(Daily Rate)
Interest
(Sub Totals)
           
?? £0.00 £0.00
?? £0.00 £0.00
?? £0.00 £0.00
?? £0.00 £0.00
?? £0.00 £0.00
           
Totals    

Feel free to use the above Statutory Interest Calculator to help you to calculate the interest due on any amount of damages or legal costs.

The calculator also allows you to ascertain the amount of interest due where interim payments have been made.

How to use: ?

  • Under "Date of Order"
    Simply put in the date of the final Judgment or deemed Order
    (i.e. acceptance of an offer made pursuant to Part 36 of the CPR).

  • In the 'Payment Date' box
    Put the date on which the first payment of damages/costs were received (or will be received).

  • In the "Payment Amount" (third) box
    Put the amount of damages/costs actually received (or expected to be received).

  • If you have more payments (perhaps because interim amounts were paid) simply enter the subsequent payment dates and amounts on the subsequent lines until complete.

You will notice that 8% has been set as the default, however you may amend this if you wish.

Whilst all precautions have been taken in the programming and testing of this calculator, as you might expect, we take no responsibility for any reliance upon the results. You are encouraged to verify the result using an alternative method.

Note:-

The calculation method relies upon a 365 day year and rounds the daily £ rate (to the nearest penny) using the "MidpointRounding" method BEFORE multiplying up to become the subtotal £ interest.
Some may feel that rounding should not occur until the subtotal has been accomplished. The differences between these results would be minor however an understandable and "printable" daily rate is somewhat attractive.

The first date is included but the payment date is not which is in line with recommendations.