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.
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