Regulation 20 RefundsI1

This regulation applies in relation to plan 1, 2, 3 and 5 loans.

Where the Authority has received a repayment either directly from the borrower or from HMRC under Part 4—

The excess payment accrues interest—

The Authority must give notice informing the borrower of the following—

The rate at which an excess payment accrues interest is—

Where the Authority is considered to have received a payment from HMRC under Part 3 in respect of a tax year –

A refund under paragraph (2) will not carry interest and HMRC will be considered to have received the refund on the date on which the amount refunded was considered to have been received by the Authority in accordance with regulation 17.

F10Subject to F11... F12regulation 20A where the Authority has received a repayment by way of deduction from the borrower’s earnings for a tax year in accordance with Part 4 and those earnings do not exceed F13the repayment threshold, the Authority must refund the amount deducted if the borrower applies for a refund.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .