PTP TR - Student loan repayments higher than expected

Article ID

kba-02413

Article Name

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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