Personal injuries occur as a result of others’ negligent actions. Your personal injury solicitor ensures that you get fair compensation to cover your injury-related expenses through a personal injury settlement. Here, you will learn how you can receive your compensation amount.

Your entitlement to compensation for personal injury 

Personal injuries are one of the leading causes of death in Scotland. An overwhelming majority of people from across the port city are frequently sent to emergency wards of hospitals each year. Personal injuries can be back, neck, and head injuries, burns and cuts, broken bones, soft tissue damage, and so on. The most common reasons causing personal injury are, but not limited to them: 

  • Slip and fall accident;
  • Car accident;
  • Motorcycle accident;
  • Being attacked dog;
  • Sports and recreational accidents;
  • Accidents due to expired food or other hazardous products. 

When these accidents occur due to others’ negligence, you have the right to hold them responsible by hiring a competent solicitor. While your focus is on recovery from your injuries, your competent solicitor focuses on getting you fair compensation to cover your expenses.  

Common Compensation Types in Personal Injury Settlement Cases

The compensation for damages refers to the compensation for losses suffered due to the negligent actions of others. These damages include economic damages, non-economic damages, and punitive damages.

Economic damages include the actual costs you spent to recover your injuries. These damages include your current and prospective medical treatment bills, lost salaries, and so on. Future expenses are also included in this category. 

Non-economic damages include all intangible losses. These include your pain and suffering and loss of companionship.

Punitive damages include all additional monetary damages typically awarded in lawsuits in which the defendant engaged in deliberate and careless behaviour. 

If you hire a competent solicitor, they will calculate the value of all your damages and push for a comprehensive settlement payment.

The Payment Process of Personal Injury Compensation

It consumes time to find out the precise nature of injuries and losses. Therefore, the time-consuming aspect influences the amount of compensation you can ask for in a settlement. In the UK, most personal injury compensation claims are subject to a 3-year limitation period. Typically, it implies that the trial must be started within 3 years of the accident day. However, an experienced and competent personal injury solicitor will push the defendant to negotiate a comprehensive agreement for you as quickly as possible. 

Part of the negotiation process includes determining how your settlement will and should be paid. Two general options exist for you: 

  • A lump-sum amount: You can gain certain benefits by receiving a lump sum amount in the form of a check. It provides the cash flow you need to make large purchases and investments, earning a profit through high yields or high interest rates. 
  • Structured amount: Typically, these take the form of a life pension. It’s up to you whether you receive it on a monthly, quarterly or yearly basis. This will secure you when it comes to go through current costs and potential expenses while avoiding any mismanagement of funds. Converting your agreement to an annuity also protects you against any creditor claims or lawsuits brought against you. 

Deductions on Compensation Awards

Deduction on compensation awards includes solicitor’s fees, taxes, and so on. A key question you may ask is, “are personal injury settlements for compensation taxable?” The personal injury compensation is non-taxable income. HM Revenue and Customs (HMRC) guidelines reveal that taxes are not applied to this personal injury settlement. Nevertheless, you are obliged to pay taxes on any punitive damages you receive. Other charges that will have to be deducted from your agreement are solicitor’s fees, court costs, outstanding medical expenses, and other additional expenses.

Wallace Legal has a team of experienced and competent Personal Injury Solicitors in Scotland who will fight for a full settlement payment. It will depend on the situation and the defendant that you receive your compensation before or after a court trial. We are with you whether it is the situation of pre-trial settlement or a trial is required.

By Adam

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