Self Assessment & Student Loan Pre 98

kevca

Hi,

I am filling out my 2nd year Tax return. I have a student loan pre 1998 and that i have not started to pay off as never reached the gross income per month requirement to pay. Now I havent reached it yet but would like to start paying it off. My question is can i for the tax year 08-09 take a lump sum out to start to pay part of the loan out?

If so how would I show this on the SA online form?

Many thanks for any help in advance

Cheers

Mikeyorks

Replied ..... but lost it in a Forum glitch ... try again.

The interest rate on your SLC loan is currently negative ..... so is it wise to put it on your VIP list for repayment? Have a read of this first?

http://www.moneysavingexpert.com/loans/student-loans-repay

As to the original question .... don't think you need to show it? The SA system merely calculates your SLC liability (or otherwise) based purely on the income you show. It doesn't know what you owe ... SLC maintain that data (theoretically!). So if you are below the SA --> SLC threshold ..... then any ad-hoc payment is purely between you and SLC. Have a read of this also :
http://www.hmrc.gov.uk/leaflets/csl1.pdf

kevca

Hi Mikey,

Cheers for responding. Will take a furhter look at this and decide what to do.

Cheers

cosyc

I think there may be different rules for older student loans, as hmrc didn't start collecting through tax till later. Need to go back to whatevr they were called before SLC and ask them.