SCHEDULES
SCHEDULE 3Calculation of income
PART 5Net income of dependants
Applicable financial years: calculating net income of an eligible student’s dependent children22
1
This paragraph specifies the applicable financial year for the purposes of calculating the net income of an eligible student’s dependent child (“C”).
2
Unless paragraph (3) or (5) applies, the applicable financial year is PY-1.
3
Where the Welsh Ministers are satisfied that C’s net income for CY is likely to be at least 15% lower than C’s net income for PY-1, the applicable financial year is CY.
4
Sub-paragraph (5) applies where the applicable financial year for the previous academic year was the financial year beginning immediately before the first day of the previous academic year.
5
Where this paragraph applies, the applicable financial year is to be determined as follows—
a
if the Welsh Ministers are satisfied that C’s net income for CY is likely to be at least 15% lower than C’s net income for PY, the applicable financial year is CY;
b
otherwise, the applicable financial year is PY.