PTP TR - Student loan repayments higher than expected
Article ID
kba-02413
Article Name
PTP TR - Student loan repayments higher than expected
Created Date
26th October 2010
Product
Problem
On running a tax calculation for a client where they have student loan repayments it seems to be showing an incorrect calculated amount higher than expected.
Resolution
If the client has an income contingent student loan which ceased part way through the year so the calculated amount seems to be more than the amount repaid this needs to be adjusted outside of the return with HMRC. There is no box on the return to indicate the outstanding balance. The HMRC tax calculation will apply a percentage to the eligible income.
More information may be found here https://www.gov.uk/hmrc-internal-manuals/self-assessment-manual/sam121610 (see section Student/Postgraduate Loan Overpayments).
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