understands that BIS and the SLC are already working to address the issues identified by the NAO report. We welcome the opportunity to work with them to understand any issues arising as they move forward.
Utilising RTI information in the collection of Student Loans?
10 January 2014
At last month’s Collection of Student Loans consultation forum, the group were asked to consider ways in which RTI data could be used in the future to assist with the collection of student loan deductions. Although it must be stated from the outset that this is simply a gathering together of suggestions, there is no guarantee that any ideas will be possible, nevertheless it is a good opportunity for us to suggest ways in which the data could be used in the future. Sending information about deductions to SLC monthly rather than annually as at present; and Sending a prompt to the employer when the SL amount deducted is not in line with the income reported on the FPS. If you have any ideas or suggestions in which the RTI data could be used to aid the collection of student loans please email policy and we will take your ideas forward to the next meeting in February. Ideas suggested already include:
Student loan repayment threshold for tax year 2014/15
23 January 2014
HMRC has confirmed to the CIPP that from 6 April 2014 the student loan threshold will rise from £16,365 to £16,910.
2014/15 thresholds for student loan borrowers in the current Income Contingent Repayment (ICR) scheme:
Annual - £16,910 Monthly - £1,409 Weekly - £325
The rate of deduction remains the same at 9%.
Tax Guide for Students - new website
11 February 2014
If you work in the education sector you may find it useful to share a new website which offers guidance to help further and higher education students navigate through the complexities of tax.
As part of an HMRC funded project and sponsored by the Chartered Institute of Taxation, the Low Incomes Tax Reform Group (LITRG) has launched a new website ‘ Tax Guide for
CIPP Policy News Journal
16/04/2014, Page 492 of 519
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