Paragraph 14 Calculation of residual income of persons other than eligible studentI1

P's residual income is calculated as follows—

• P's taxable income for the applicable financial year.

• Plus

• Income payable to P under a pension arrangements order during the applicable financial year, net of income tax.

• Minus

• The aggregate of the deductions set out in paragraph 15 (unless already deducted for the purposes of determining P's taxable income).