• PAYE update 2

PAYE update 2

Threshold change for student loan borrowers

Notification of a threshold change for student loan borrowers in the current Income Contingent Repayment (ICR) scheme
Amending regulations (SI 2011/784) have now come into force which states that the 15,000 repayment threshold will rise annually from 6 April 2012 by the Retail Price Index (RPI).

The current threshold of 15,000 has applied to student loan borrowers in repayment from 6 April 2005.

The Department for Business, Innovation and Skills have confirmed that from 6 April 2012 the threshold will rise by 5.3% to 15,795.