Paragraph 16 Applicable financial years: calculating residual income of persons other than eligible student
England and Wales
This paragraph specifies the applicable financial year for the purposes of calculating P's residual income.
Unless sub-paragraph (3) or (5) 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.
Sub-paragraph (5) applies where the applicable financial year for the previous academic year was the financial year beginning immediately before the first day of the previous academic year.
Where this sub-paragraph applies—
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, 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;
otherwise, the applicable financial year is PY.
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), 6(a)
- F2
Sch. 3 para. 16(5) substituted (2.3.2020) by The Education (Student Support) (Miscellaneous Amendments) (Wales) Regulations 2020 (S.I. 2020/142), regs. 1(2), 6(b)