The Department for Education’s announced on 05 February 2024 the Plan 3 / ex-Postgraduate Student Loan threshold for tax year 2024/25.
There are five Income Contingent Student Loans with the terminology ‘income contingent’ meaning that the repayment amount is contingent on the employee’s earnings in the pay period. Payroll professionals only need to be concerned about four as Plan Five does not become due for repayment by English borrowers until tax year 2026/27.
ICB displays the thresholds below, comparing then to the threshold in place for 2023/24:
ICB will be including the per pay period thresholds in our annual ‘Rates and Allowances’ document.