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These Regulations amend the Education (Student Loans) (Repayment) Regulations 2009 (S.I. 2009/470) (“the Principal Regulations”). The Principal Regulations govern the repayment of income-contingent student loans paid to students under section 22 of the Teaching and Higher Education Act 1998.
Regulations 3, 5, 6 and 10 introduce a time limited mechanism to vary the £15,000 repayment threshold in the Principal Regulations to maintain its value. Regulation 11 introduces a similar mechanism to vary the Applicable Threshold amounts in the Principal Regulations, which apply to overseas borrowers, to maintain their value
Regulation 4 removes a typographical error in the Principal Regulations.
Regulations 7, 9 and 12 substitute new penalties, for failure to make payment of tax on time and failure to file returns on time, for those in the Principal Regulations.
Regulation 8 subsitutes new harmonised interest provisions for repayments and and refunds of overpayments payable under Part 3 of the Principal Regulations
A full impact assessment covering the introduction of the penalty regime entitled “working towards a harmonised regime and meeting the obligations to file returns and pay tax on time” was published on 14 April 2009 and is available at http://www.hmrc.gov.uk/better-regulation/ia.htm. The Explanatory Memorandum is published alongside the instrument on www.legislation.gov.uk.
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Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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