SCHEDULE 1
2
1
To determine the balance of parental income there shall be deducted from gross income:
a
an annual allowance of £596 in respect of each wholly dependent child up to the age of 18 years other than the pupil for whom an allowance is being determined;
b
an annual allowance of £974 in respect of each wholly dependent relative normally living as a member of the household other than the pupil for whom an allowance is being determined and dependent children falling within head (a) provided that the amount shall be reduced by the amount of any income which the relative may receive from other sources;
c
a charge made under regulation 6 of the Grammar Schools (Charges) Regulations (Northern Ireland) 19924 in the period of twelve months beginning on the day before the first day of the period in respect of which the maintenance allowance being determined would be payable; and
d
the following annual outgoing on the basis of outgoings (on a weekly or other period basis as the case may be) at the time of determination:
i
the gross amount of any sums payable as interest (including interest on a mortgage) in respect of which relief is given under the Income Tax Acts in respect of a loan to the parent;
ii
half of the gross amount of any premium payable under a policy of life insurance in respect of which relief is given under section 266 of the Income and Corporation Taxes Act 19885 (life policy and certain other premiums).
2
In sub-paragraph (1) “the Income Tax Acts” has the same meaning as in Schedule 1 to the Interpretation Act 19786.