Collection of Student Loans Consultation Group
24 February 2016
The minutes of the Collection of Student Loans Consultation Group meeting which was held on 14 December 2015 have been published.
Item 3 within the minutes refers to Postgraduate loans and HMRC asked the representatives in the group what would show on payslips. Would the different loans be identified (undergraduate or postgraduate) or would it be a combined figure? The consensus was that showing the loans separately on payslips would be a good idea.
In light of this we would like to ask payroll professionals if showing this information separately will be an administrative burden.
Please take a moment to complete our CIPP Poll on our home page (bottom right) which asks:
Would showing different student loan deduction types separately on payslip be an admin burden?
We would also like to draw your attention to another couple of items within the minutes.
Employer prompts are on track to go out in April 2016. The employer prompt will use information from RTI to indicate where employers may not be collecting student loan amounts when they should. As a result an electronic prompt will be sent to the employer to make them aware that student loan deductions need to be made. HMRC is working on the message to go out; when this has been agreed it will be shared with the Group. Guidance for will also be introduced which should enable employers to start making deductions and making deductions at the right time.
SL3 Student Loan Deduction tables will be available from March 2016.
The next meeting is on Tuesday 8 March 2016. If you have any issues you would like raised please email policy using Collection of Student Loans Consultation Group in the subject title.