Future revenue loss

What is future revenue loss?

Compensation for future loss of income is intended to compensate for loss of income in the future due to loss of ability to work following a personal injury. The compensation is intended to compensate for the loss of income that the injured party could have earned in working life if the accident had not occurred.

When does a future loss of income occur?

A future loss of income normally arises from the time the claim is settled until retirement age.

Which accidents entitle you to compensation for future loss of income?

As an injured person, you are entitled to compensation for future loss of income in so-called liability cases. This means that it is an insurance company or a responsible institution or person that is liable for the injury and the compensation you are entitled to.

Examples of liability cases are occupational injuries, occupational disease, traffic accident, boating accident, plane crash and patient injury.

How is compensation paid for future loss of income?

Compensation for future loss of income is normally paid to the injured party as a lump sum.

How do you calculate compensation for future income loss?

When calculating the future loss of income, an assessment is made of the difference between the income the injured party would have had without the injury and the income with the injury,

When assessing what the injured party would have earned in the future if the injury had not occurred, the starting point is an assumed income in the year in which the claims settlement takes place. Among other things, an adjustment is made based on the injured party's likely salary and career development in the future.

Once the future income without the injury has been determined, the future income with the injury must be determined, i.e. what income the injured party is most likely to receive with the injury, such as social security income and any salary income.

What does it mean that I can work part-time?

You must fully utilise your income potential. If you can work part-time, deductions will be made for the potential income from part-time work even if you do not utilise this potential.

What does it mean that I can't get the career jump I was promised before the accident?

If you had a specific agreement for a salary increase or a career boost before the accident that you cannot realise after the injury, this may be taken into account if it can be documented or substantiated.

Do I have to change profession if I can no longer work in my old profession after the injury?

Yes, you have to adapt to the new situation, retrain or take a different type of job. If you, as the injured party, do not utilise your ability to work, you must bear the financial consequences of this yourself. Compensation will be calculated as if you were fully utilising your work potential.

What happens if I get worse after the compensation has been settled?

As a rule, the possibility of deterioration will be included in the general assessment of evidence of future acquisition opportunities. This means that the risk of deterioration must be taken into account in the final settlement.

Otherwise, in some cases it is possible to agree on a supplementary settlement in the event of a specific deterioration. There are also opportunities for supplementary settlement if specific conditions are met.

Do I have to pay tax on compensation for future income loss?

Compensation for future loss of income is not taxable as earned income, but there is tax on any interest on the assets, and wealth tax if the payment of compensation for future loss of income puts you in a wealth tax position.

Do I need a lawyer to get compensation for future loss of income?

Answer. Compensation for future loss of income is one of several compensation items you are entitled to in a so-called liability case. These cases are often complicated both legally and medically.

Calculating the future loss of income also requires complicated assessments of income levels before and after the injury, and the calculations are demanding, taking into account the duration of the loss of income, loss of pension, discounting, etc.

It is therefore necessary to contact a lawyer to clarify the insurance companies' liability and the financial consequences of this liability.

• Read also: How an occupational injury compensation case works

Do I have to pay for the lawyer myself to receive compensation for future loss of income?

No, in compensation cases following, for example, occupational injuries and traffic accidents, your legal expenses will normally be covered by the responsible insurance company to a reasonable and necessary extent.

Why should I choose Advokatfirmaet Halvorsen & Co?

Halvorsen & Co is one of Norway's largest and leading law firms specialising in tort law. Over almost 30 years, our clients have received billions of kroner in compensation.

We are nationwide, and only have specialised lawyers with extensive experience in compensation cases.

With us, you always get a free call to assess your case. Get in touch with us today.