Regulation 43 Calculation of covenant income where a contribution is assessedI1
England, Wales and Scotland
Where a student is in receipt of income by way of a grant during a period of study and a contribution has been assessed, the amount of his convenant income to be taken into account for that period and any summer vacation immediately following shall be the whole amount of the covenant income less, subject to paragraph (3), the amount of the contribution and the amount deducted by way of tax in respect of that income.
The weekly amount of the student’s covenant income shall be determined—
by dividing the amount of income which falls to be taken into account under paragraph (1) by 52 or 53, whichever is reasonable in the circumstances; and
by disregarding from the resulting amount, £5.
For the purposes of paragraph (1), the contribution shall be treated as increased by the amount (if any) by which the amount excluded under regulation 42(2)(h) (calculation of grant income) falls short of the amount specified in paragraph 7(4)(i) of Schedule 2 to the Education (Mandatory Awards) Regulations 1991 (travel expenditure).