Repayments by overseas borrowers: new fixed instalment rate for plan 1 loans
This section has no associated Explanatory Memorandum
4.—(1) The 2009 Regulations are amended as follows.
(2) For regulation 74(3)(1) (fixed instalment rate), substitute—
“(3) The fixed instalment rate for a plan 1, 2, 3 or 5 loan is calculated in accordance with regulation 74A.”.
(3) In regulation 74A(2) (how to calculate fixed instalment rate)—
(a)in paragraph (1) for “plan 2” substitute “plan 1, 2”;
(b)in paragraph (2) for “plan 2” substitute “plan 1, 2”;
(c)after paragraph (3), in the Example, for “applicable to plan 2” substitute “applicable to plan 1, 2”.
(1)
Regulation 74(3) was inserted by S.I. 2022/1335.
(2)
Regulation 74A was inserted by S.I. 2022/1335 and amended by S.I. 2023/521.