Regulation 132 Calculation of covenant income where a contribution is assessedI1
Northern Ireland Not yet in force
Where a student is in receipt of income by way of a grant during a period of study and a contribution has been assessed, the amount of his covenant income to be taken into account for that period and any summer vacation immediately following shall be the whole amount of his covenant income less, subject to paragraph (3), the amount of the contribution.
The weekly amount of the student’s covenant income shall be determined—
by dividing the amount of income which falls to be taken into account under paragraph (1) by 52 or, if there are 53 benefit weeks (including part-weeks) in the year, 53, and
by disregarding £5 from the resulting amount.
For the purposes of paragraph (1), the contribution shall be treated as increased by the amount, if any, by which the amount excluded under regulation 131(2)(g) (calculation of grant income) falls short of the amount for the time being specified in paragraph 7(4)(i) of Schedule 7 to the Students Awards Regulations (Northern Ireland) 1995 (requirements).
Annotations
Commencement
- I1
Reg. 132 in operation at 7.10.1996, see reg. 1(1)