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Document What is meant by residual income?

Residual income is the net amount of declared income used to determine the contribution to your means-tested bursary award.

To calculate this, your parent(s) / civil partner / partner’s gross taxable income for the previous financial year is used. For the 2016 / 17 Academic year, the applicable financial year will be the period running from 6 April 2015 to 5 April 2016.

Certain allowable expenses are then deducted from this to give the ‘residual income’. The allowable expenses that we can take into account against the income are:
  • Employee Pension Contributions, if they attract tax relief
  • Personal Pension Contributions, if they attract tax relief
  •  Loan interest - if allowed for tax purposes, this is for self employed persons only
  • Professional Subscriptions and any other tax relievable expenses
     
In addition to these the following expenses can be taken into account when calculating a partner’s residual income to determine any Dependants Allowance entitlement.
  • Income Tax
     
  • National Insurance
     
  • Mortgage payments / rent payments
     
  • Maintenance payments made to another person as agreed by a court order, by the Child Support Agency or through a voluntary agreement
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