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SCHEDULES

SCHEDULE 3Calculation of income

PART 1Introduction

Overview of Schedule

1.—(1) This Schedule is arranged as follows.

(2) Part 2 makes provision about the calculation of an eligible student’s household income for the purposes of determining the amount of—

(a)maintenance grant (see regulations 46 and 47),

(b)grant for travel (see regulations 65 and 66), or

(c)grants for dependants (see Part 11),

payable to the student.

(3) Part 3 sets out the meaning of “taxable income”, which is required in order to calculate a person’s residual income.

(4) Part 4 makes provision about the calculation of residual income where—

(a)Chapter 1 sets out how to calculate the residual income of an eligible student for the purposes of calculating the student’s household income, and

(b)Chapter 2 sets out how to calculate the residual income of the following other persons—

(i)an eligible student’s parent, eligible student’s partner or eligible student’s parent’s partner for the purposes of calculating the student’s household income;

(ii)an eligible student’s dependent adult for the purposes of calculating the amount of grant for dependants payable to the student (see regulation 77).

(5) Part 5 makes provision about the calculation of the net income of—

(a)an eligible student’s adult dependant, for the purposes of determining whether an eligible student qualifies for an adult dependants grant (see regulation 71);

(b)an eligible student’s dependent children, for the purposes of calculating the amount of grant for dependants payable to the student (see regulation 77).

(6) Part 6 defines certain terms used in this Schedule.