Does savings interest count as income for loan repayment?

lawless21

Hi. Graduated 2009. Income of less than £15,000. Savings interest takes me over £15,000 (about £550 over). Do I make repayments? Through the web site or self assessment (I'm on PAYE now)? What if future savings interest takes me massively over the threshold (several thousand or more)?

My job isn't predicted to take me over the threshold (by itself) for a couple years (only 32 hours a week, not planning on changing jobs anytime soon), 2013 at the earliest.

Thanks

MrsManda

It doesn't count towards the £15,000 but if you receive an unearned income (including interest from savings) of over £2000 a year you may need to make some SL repayments.

http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,3867311&_dad=portal&_schema=PORTAL

lawless21

I'm not currently submitting self-assesment returns, because savings income is under £10,000 (although over £2000), so HMRC won't be able to "advise me" on whether I need to make extra student loan repayments unless I speak to them myself...

It's a small amount (that may get larger soon) but I don't want to have to make extra repayments if I don't have to.


Thanks

lawless21

I might as well call and ask someone, right now repayments would work out at only ~£50 a year, and if savings income does increase soon (fingers crossed) I'll be way over the £10,000 level and would have to submit a return anyway.