Paragraph 12 Income of eligible student received in currency other than sterlingI1

England and Wales

(1)

Where the eligible student receives income in a currency other than sterling, the value of the income is—

(a)

the amount of sterling the eligible student receives for the income, or

(b)

where the student does not convert the income into sterling, the value of the sterling which the income would purchase using the HMRC exchange rate.

(2)

The HMRC exchange rate M1 is the rate published by Her Majesty's Revenue and Customs for the month corresponding to the month in which the income is received.

Annotations

Marginal citations

M1: See https://www.gov.uk/government/collections/exchange-rates-for-customs-and-vat.

Commencement

I1: Sch. 3 para. 12 in force at 27.5.2019, see reg. 1(2)