Regulation 5 Amendment of the Education (Student Loans) (Repayment) Regulations (Northern Ireland) 2009

in paragraph (3)(a) for “first £15,000” substitute “repayment threshold” and

after paragraph (5) insert—

“(6)

The repayment threshold is—

(a)

for any repayment threshold year ending on or before 5th April 2012, an amount of £15,000;

(b)

for any repayment threshold year ending on or after 6th April 2012 but before or on 5th 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 6th April 2016, the amount of the repayment threshold for the previous repayment threshold year;”