Student loan thresholds for 2023/24 confirmation from HMRC
16 January 2023
Due to the fractured nature of student loans it can be hard for payroll professionals to keep track of the latest rates. Plan 4 is released by Scotland, plan 2 is frozen and with new types on the horizon, its hardly straightforward.
Luckily, HM Revenue and Customs (HMRC) releases technical specifications intended for software developers to get calculations right. But it also means we get all the information in one easy to read place ahead of the new tax year, such as the collection of student loans guidance page.
|
Plan type |
Annual threshold |
Recovery rate |
|
Plan 1 |
£22,015 |
9% |
|
Plan 2 |
£27,295 |
9% |
|
Plan 4 |
£27,660 |
9% |
|
Postgraduate |
£21,000 |
6% |
It may feel a bit early to start thinking about the new tax year, but it never hurts to be prepared.
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