Paragraph 16 Applicable financial years: calculating residual income of persons other than eligible studentI1
England and Wales
This paragraph specifies the applicable financial year for the purposes of calculating P's residual income.
Unless sub-paragraph (3) applies, the applicable financial year is PY-1.
The applicable financial year is CY if the Welsh Ministers are satisfied that—
where P is one of two persons whose residual incomes are aggregated under paragraph (b)(i) or (ii) of List A in paragraph 3(1), the aggregate of the residual incomes of P and the other person for CY is likely to be at least 15% lower than the aggregate of the residual incomes of P and the other person for PY-1, or
in any other case, P’s residual income for CY is likely to be at least 15% lower than P’s residual income for PY-1.
Annotations
Textual amendments
- F1
Sch. 3 para. 16(3) substituted (2.3.2020) by The Education (Student Support) (Miscellaneous Amendments) (Wales) Regulations 2020 (S.I. 2020/142), regs. 1(2), 8
Commencement
- I1
Sch. 3 para. 16 in force at 27.5.2019, see reg. 1(2)