Student loan

Student loan

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Looking at page 11 of this link http://www.studentloanrepayment.co.uk/pls/portal/docs/PAGE/RPIPG001/RPIPS001/RPIPS006/STUDENT%20FINANCE%20ENGLAND%20-%20A%20GUIDE%20TO%20TERMS%20AND%20CONDITIONS%2011.12.PDF   says "repayments taken by your employer will be worked out on ‘individual pay periods’ and not on your total income for a whole year.

This next page says for those people filing tax returns.   "The total amount of student loan you have to repay for the year will be based on your total income for the year – that is, all your appropriate PAYE income plus any extra self employed income and any unearned income (if it is above £2,000 a year).You can claim credit in your tax return for any student loan amounts your employer has already taken during the year so you do not repay too much."

There seems to be a contradiction.  If someone has paid too much (on a cumulative basis), but is not filing a self assessment return  - can they recover the excess through a repayment claim?

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Stephen Quay
By squay
26th Jun 2012 01:53

Student Loan Overpayments

Page 10 or you student loan booklet (your link above) explains it all. Monthly salary payments can vary. Some months they may be above the threshold and sometimes below. Over the course of a year your total salary may below the annual threshold while some individual months during the year may have been over. Refunds are not repaid automatically so you will need to apply to the SLC  after the year end once HMRC have confirmed the total payments made.

If completing a self assessment tax return then the correct amount can be calculated from all sources of income and credit given for the payments already made.

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