SCHEDULES
SCHEDULE 3Calculation of income
PART 4Residual income
CHAPTER 1Residual income of an eligible student
Income of eligible student received in currency other than sterling12
1
Where the eligible student receives income in a currency other than sterling, the value of the income is—
a
the amount of sterling the eligible student receives for the income, or
b
where the student does not convert the income into sterling, the value of the sterling which the income would purchase using the HMRC exchange rate.
2
The HMRC exchange rate M1 is the rate published by HM Revenue and Customs for the month corresponding to the month in which the income is received.