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repayment of student loan and UK tax return
Thread poster: Manuela Junghans

Manuela Junghans  Identity Verified
United Kingdom
Local time: 21:39
Member (2004)
English to German
+ ...
Oct 20, 2008

Dear colleagues
(especially the UK registered ones

This year I had to repay my student loan (arggg....:-( and would like to know how much of it (a percentage?), if anything at all, I can claim when filing my next tax return.

Does anyone of you have any experience or can provide me with a relevant link?

Thanks a lot in advance.

Manuela


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Serena Dorey
United Kingdom
Local time: 21:39
German to English
Self-assessment helpline Oct 20, 2008

Experience tells me that student loan repayments and tax returns are complicated. I would contact your tax office or call the self-assessment helpline on 0845 900 0444.

You might need to find an accountant or tax advisor to answer your question of whether you can claim any of it back, especially if it was not a loan issued in the UK.

Hope that helps.

Serena


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Melina Kajander
Finland
English to Finnish
Repayments Oct 21, 2008

"This year I had to repay"..? I have to make repayments every year, several times a year... So I'd like to know where do you get student loans where you can actually defer payments on some years!

But, as Serena said, I'm sure it depends whether your student loan was issued in the UK or not.
I just submitted my self-assessment tax return yesterday (pheww), and claiming any student loan repayments back didn't even occur to me, in fact I don't even think it's a possibility, considering my student loans have been issued elsewhere than in the UK...


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Angela Dickson  Identity Verified
United Kingdom
Local time: 21:39
French to English
+ ...
Depends... Oct 22, 2008

If your student loan was issued in the UK, there are two possibilities - if you started studying before 1998, there is a 'mortgage-style' repayment system, repayments can be deferred (yes, Melina!) until you are earning above a certain threshold, and repayments are not tax-deductible (as I understand the situation - I'd love to be proved wrong about this!).

If you started studying in 1998 or later, there is an income-contingent repayment system whereby above a certain income threshold you pay back a proportion of your income. If you are employed, the repayments are taken out of your gross pay, i.e. you don't pay tax on repayments. I don't know what the situation is for the self-employed (as I belong to the first group).

If your loans were issued outside the UK, I have no idea what the situation is, so I advise you to ring the HMRC self-employment helpline and/or talk to an accountant.


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Melina Kajander
Finland
English to Finnish
Ok... Oct 23, 2008

Angela Dickson wrote:
If your student loan was issued in the UK, there are two possibilities - if you started studying before 1998, there is a 'mortgage-style' repayment system, repayments can be deferred (yes, Melina!) until you are earning above a certain threshold

In that case, I'm jealous!
(For my loan, after a certain period I have no choice but to make repayments, no matter what I earn...)


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