6. In regulation 29—
(a)in paragraph (4)(a) for “first £15,000” substitute “repayment threshold”;
(b)in paragraph (4)(b) for “£15,000” substitute “the repayment threshold”; and
(c)after paragraph (6) insert—
“(7) The repayment threshold is—
(a)for any repayment threshold year ending on or before 5 April 2012, an amount of £15,000;
(b)for any repayment threshold year ending after 6 April 2012 but before or on 5 April 2016, an amount equal to X + (X x Y%) and rounded up to the nearest £5 where—
X is the repayment threshold for the previous repayment threshold year,
Y is the percentage increase between the retail prices all items index published by the Office for National Statistics for the two Marches immediately before the commencement of the previous tax year; and
(c)for any repayment threshold year ending on or after 6 April 2016, the amount of the repayment threshold for the previous repayment threshold year;”.