Regulation 65 Insertion of Schedule 1A (repayment thresholds)I1

After Schedule 1 (revocations) insert—

“SCHEDULE 1A

Repayment thresholds

Regulation 3

Plan 1 loan

1.

(1)

The repayment threshold for a plan 1 loan is—

(a)

£22,015 for the repayment threshold year ending on 5th April 2024, and

(b)

for each repayment threshold year ending on or after 5th April 2025, the amount rounded up to the nearest £5 (if necessary) being the product of—

(i)

the amount of the repayment threshold for the previous repayment threshold year, and

(ii)

the repayment threshold variable.

(2)

This paragraph is subject to regulation 44(6) (which applies a default threshold in certain circumstances).

Plan 2 loan

2.

(1)

The repayment threshold for a plan 2 loan is—

(a)

£27,295 for the repayment threshold year ending on 5th April 2024 or 5th April 2025, and

(b)

for each repayment threshold year ending on or after 5th April 2026, the amount rounded up to the nearest £5 (if necessary) being the product of—

(i)

the amount of the repayment threshold for the previous repayment threshold year, and

(ii)

the repayment threshold variable.

(2)

This paragraph is subject to regulation 44(6) (which applies a default threshold in certain circumstances).

Plan 3 loan

3.

The repayment threshold for a plan 3 loan is £21,000.

Plan 4 loan

4.

(1)

The repayment threshold for a plan 4 loan is determined in accordance with the definition of “repayment threshold” in regulation 2 of the 2000 (Scotland) Regulations.

(2)

This paragraph is subject to regulation 44(6) (which applies a default threshold in certain circumstances).

Plan 5 loan

5.

(1)

The repayment threshold for a plan 5 loan is—

(a)

£25,000 for the repayment threshold year ending on 5th April 2027^f1, and

(b)

for each repayment threshold year ending on or after 5th April 2028, the amount rounded up to the nearest £5 (if necessary) being the product of—

(i)

the amount of the repayment threshold for the previous repayment threshold year, and

(ii)

the repayment threshold variable.

(2)

This paragraph is subject to regulation 44(6) (which applies a default threshold in certain circumstances).”.