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'Taxable' pay definition for purposes of Maintenance Loan application
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sjw1
Posts: 45 Forumite


I can see various definitions of 'taxable pay' and it's sometimes referred to as the pay you actually pay tax on after deductions such as pensions, tax code etc.
For the purpose of applying for a Student Maintenance Loan (for University) the amount 'granted' is dependent or parents' salary/taxable pay/income/residual pay... (yes, I've seen all these terms used as an 'explanation'.
Can somebody please tell me what is actually meant to be used?
Is tax code ignored and it is basically gross pay minus pension contributions (ignoring other deductions for dependants etc.)? If deducted at source, are AVC contributions also used and valid deductions from the 'gross' pay?
Thanks!
For the purpose of applying for a Student Maintenance Loan (for University) the amount 'granted' is dependent or parents' salary/taxable pay/income/residual pay... (yes, I've seen all these terms used as an 'explanation'.
Can somebody please tell me what is actually meant to be used?
Is tax code ignored and it is basically gross pay minus pension contributions (ignoring other deductions for dependants etc.)? If deducted at source, are AVC contributions also used and valid deductions from the 'gross' pay?
Thanks!
0
Comments
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http://media.slc.co.uk/sfe/1718/ft/sfe_pff2_form_1718_d.pdf
Most of your questions can be answered from the actual form.
I would expect income to be after salary sacrifice items. If your pension contributions are taken from net pay (rather than salary sacrifice) there is a section for pension contributions from there.0
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