- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (a wnaed Fel)
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15.—(1) Every borrower who has received notice from the Secretary of State under regulation 11(5)(a) that he may be required to make repayments of his student loan shall make a repayment in respect of any year of assessment–
(a)which is specified in a notice under regulation 11(5)(a) or which, subject to paragraph (2), is any subsequent year up to and including any year specified in a notice under regulation 11(5)(d); and
(b)in respect of which he has been required to make and deliver a return under section 8 of the 1970 Act.
(2) A borrower shall not be required to make repayments in respect of any year of assessment specified in a notice under regulation 11(5)(c) or any subsequent year falling before a year specified in a subsequent notice under regulation 11(5)(a).
(3) The repayment shall be an amount equal to the 9% of the borrower’s total income for that year calculated in accordance with the Taxes Acts.
(4) In calculating a borrower’s total income for the purposes of paragraph (1) any deduction which falls to be made by way of personal reliefs provided for in Chapter I of Part VII of the 1988 Act shall not be made.
(5) In calculating a borrower’s total income for the purposes of paragraph (1) there shall be excluded:
(a)the first £10,000 of that income;
(b)income on which the borrower could not become liable to tax under a self-assessment made under section 9 of the 1970 Act for that year;
(c)unearned income unless the amount of such income for that year exceeds £2,000;
(d)incapacity benefit payable under the Social Security Contributions and Benefits Act 1992(1);
(e)amounts chargeable to tax under sections 145, 146, 154, 157, 158, 159AA, 159A, 160 or 162 of the 1988 Act (benefits in kind);
(f)amounts in respect of which relief is given under Part XIV of the 1988 Act (pension schemes, social security benefits, life annuities etc.);
(g)the amount of any loss in respect of which relief is given under section 380 of the 1988 Act (trade etc. losses set-off against general income); and
(h)the amount of any payment in respect of which relief is given under section 109A of the 1988 Act (relief for post-cessation expenditure).
(6) For the purposes of this regulation unearned income is income other than–
(a)earned income within the meaning of section 833(4) and (5) of the 1988 Act;
(b)income referred to in section 127(1) of that Act (enterprise allowance);
(c)the profits arising from a business chargeable to tax under Case I of Schedule D pursuant to section 503(1) of that Act (furnished holiday accommodation);
(d)payments and other benefits chargeable to tax under section 148(1) of that Act (payments and benefits in connection with termination of employment);
(e)income treated as earned income under section 107 of that Act (receipts after cessation of trade);
(f)sums treated as earned income under section 491(5) of that Act (certain receipts from bodies corporate carrying on mutual business);
(g)an amount treated as earned income under section 531(6) of that Act (consideration in respect of the disposal of know-how);
(h)any annuity treated as earned income of the annuitant under section 619(1)(b) of that Act (certain retirement annuities); and
(i)annual payments treated as earned income under section 628(1) of that Act (partnership annuities).
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