Income treated as capital
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64.—(1) Any amount by way of a refund of tax deducted from a student’s covenant income is to be treated as capital.
(2) Any amount paid from access funds as a single lump sum is to be treated as capital.
(3) Any amount paid from access funds as a single lump sum which is intended and used for an item other than food, ordinary clothing or footwear, household fuel or rent, or which is used for an item other than any council tax or water charges for which that applicant or a member of the applicant’s is liable, is to be disregarded as capital but only for a period of 52 weeks from the date of the payment.