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Student finance question
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crazycrofter · 29/12/2021 01:13

Can anyone confirm whether student finance amounts are based on your gross income (ie what you get before pension contributions are deducted) or taxable income (gross income less pension contributions)? I happen to have to pay pension contributions of nearly 10% of my income - no choice over that - so I’m hoping it’s taxable income not gross.

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NinaProudman2022 · 29/12/2021 13:32

Look on the calculator on the direct gov website as that should give you an idea (although it won’t be updated for 2022 entry yet but the basics will be the same).

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OnTheBenchOfDoom · 30/12/2021 12:41

@crazycrofter from that .gov form is says household income and then "This is your parents’ or partner’s taxable income plus your own"

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OnTheBenchOfDoom · 30/12/2021 12:51

I haven't seen on any website anything other than household income, no mention of pension contributions etc just what I assumed was always gross income before any reductions.

ie www.savethestudent.org/student-finance/maintenance-loans.html

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Umbongoumbongo999 · 30/12/2021 12:54

Money saving expert has a take home pay calculator. This will be based on your individual income, not your household income

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crazycrofter · 30/12/2021 20:25

It’s not that clear is it, but taxable income definitely means your income after pension contributions but before tax is deducted.

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HewasH2O · 30/12/2021 21:07

It's definitely 100% taxable income, not gross. That includes dividends, rental income etc.

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