Paragraph 4 Calculation of eligible student's residual income

any remuneration for work done during any academic year of the eligible student's course, provided that such remuneration does not include any sums paid in respect of any period for which the student has leave of absence or is relieved of the student's normal duties for the purpose of attending that course;

the gross amount of any premium or other sum paid by the eligible student in relation to a pension (not being a pension payable under a policy of life insurance) in respect of which relief is given F1... under section 188 of the Finance Act 2004 M1, or where the eligible student's income is computed for the purposes of the income tax legislation of F2a Member State, the gross amount of any such premium or sum in respect of which relief would be given if that legislation made provision equivalent to the Income Tax Acts;

if the student purchases sterling with the income, the amount of sterling the student so receives;

otherwise the value of the sterling which the income would purchase using the average rate published by Her Majesty’s Revenue and Customs for the calendar year which ends before the start of the relevant year.