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Students: Loans

Volume 461: debated on Wednesday 20 June 2007

To ask the Chancellor of the Exchequer how frequently HM Revenue and Customs makes payments to student loan companies. (144125)

HM Revenue and Customs transfers student loan repayments remitted by employers each month, along with pay-as-you-earn (PAYE) tax and national insurance contributions (NIC) deducted from employees’ earnings, to the Treasury’s consolidated funds overnight following the date of receipt. No sums are retained or transferred to the Student Loans Company (SLC) from HMRC at any stage.