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Foreword by the Cabinet Secretary for Justice
I am delighted to publish for consultation these proposals to change the law in Scotland on interest on debt and damages. The Scottish Government wants to bring forward legislation which improves the rights of individuals and businesses in Scotland and this draft Bill is a small step in the right direction.
Scots law is behind modern European and Commonwealth legal systems and most US states in restricting the interest that can be claimed to the period following the date of citation rather than when a debt fell due or when the loss was sustained. This can be some considerable time after the loss has occurred; years in some cases.
This consultation document and the draft Interest (Scotland) Bill build on the earlier comprehensive work carried out by the Scottish Law Commission in their review of the law which resulted in their Report on Interest on Debt and Damages. Policy in this area has developed further, including some consideration of the financial implications of the proposals.
I look forward to your response to this consultation.
Kenny MacAskill
Cabinet Secretary for Justice
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