ICAEW.com works better with JavaScript enabled.


Tax news in brief


Published: 02 Feb 2022 Update History

Highlights from the broader tax news for the week ending 2 February 2022, including: student loan repayment thresholds; and submitting evidence to support creative industry tax relief claims.

Student loan repayment thresholds confirmed

Increases to the repayment thresholds for plan 1 loans and plan 4 loans had previously been communicated in HMRC’s agent update 92 as £20,195 and £25,375 respectively, both with deduction rates of 9% of income exceeding the thresholds. In a written ministerial statement on 28 January 2022, it was confirmed that the repayment thresholds for plan 2 and postgraduate loans (plan 3) would remain unchanged at their current levels of £27,295 and £21,000 respectively for the 2022/23 financial year; the deduction rates remain at 9% for plan 2 and 6% for postgraduate loans.

Evidence to support creative industry tax relief claims

Claimants of the various creative industry tax reliefs may wish to submit additional evidence to HMRC to enable HMRC to quickly assess their claim. This additional evidence can be provided within the company’s tax return or via an online form to support the claim. Claims must be made within the tax return before completing the online form. Further details are available on HMRC’s website.

More support on tax

ICAEW's Tax Faculty provides technical guidance and practical support on tax practice and policy. You can sign up to the Tax Faculty's free enewsletter (TAXwire) which provides weekly updates on developments in tax.

Sign up for TAXwireJoin the Tax Faculty
Tax Faculty

This guidance is created by the Tax Faculty, recognised internationally as a leading authority and source of expertise on taxation. The Faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.