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4. In regulation 21A—
(a)omit paragraphs (12) and (13);
(b)after paragraph (11) insert—
“(12) For a borrower to whom Part 3 or 4 applies, the lower interest threshold is—
(a)for the repayment threshold year ending on 5 April 2019, an amount of £25,000;
(b)for each subsequent repayment threshold year, an amount equal to A + (A x B) and rounded up to the nearest £5 where—
A is the lower interest threshold in the previous repayment threshold year, and
B is the relevant percentage difference in average earnings.
(12A) For a borrower to whom Part 5 applies, the lower interest threshold is—
(a)for the repayment threshold year ending on 5 April 2019, an amount to be determined by reference to the most recent price level index for the borrower’s country of residence and in accordance with the following table—
Band | Price level index | Lower interest threshold |
---|---|---|
A | 0<30 | £5,000 |
B | 30<50 | £10,000 |
C | 50<70 | £15,000 |
D | 70<90 | £20,000 |
E | 90<110 | £25,000 |
F | 110<130 | £30,000 |
G | 130+ | £35,000 |
(b)for each subsequent repayment threshold year, an amount equal to A + (A x B) and rounded up to the nearest £5 where—
A is the lower interest threshold in the previous repayment threshold year for the band now applicable to the borrower’s country of residence, and
B is the relevant percentage difference in average earnings.
(13) For a borrower to whom Part 3 or 4 applies, the higher interest threshold is—
(a)for the repayment threshold year ending on 5 April 2019, an amount of £45,000;
(b)for each subsequent repayment threshold year, an amount equal to A + (A x B) and rounded up to the nearest £5 where—
A is the higher interest threshold in the previous repayment threshold year, and
B is the relevant percentage difference in average earnings.
(13A) For a borrower to whom Part 5 applies, the higher interest threshold is—
(a)for the repayment threshold year ending on 5 April 2019, an amount to be determined by reference to the most recent price level index for the borrower’s country of residence and in accordance with the following table—
Band | Price level index | Higher interest threshold |
---|---|---|
A | 0<30 | £9,000 |
B | 30<50 | £18,000 |
C | 50<70 | £27,000 |
D | 70<90 | £36,000 |
E | 90<110 | £45,000 |
F | 110<130 | £54,000 |
G | 130+ | £63,000 |
(b)for each subsequent repayment threshold year, an amount equal to A + (A x B) and rounded up to the nearest £5 where—
A is the higher interest threshold in the previous repayment threshold year for the band now applicable to the borrower’s country of residence, and
B is the relevant percentage difference in average earnings.”
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