192F Exemption in respect of certain Education-related payments

Summary

This section provides an exemption from income tax in the hands of the student, payments made in accordance with a scheme of grants made by an awarding authority on behalf of the Minister for Education and Skills, often referred to as the SUSI student grant.

Details

This section inserts a new section 192F into the Taxes Consolidation Act 1997, with the following provisions:

(1) Subsection (1) contains the following definitions:

“the Act” means the Student Support Act 2011;

“awarding authority” has the same meaning as it has in the Student Support Act 2011;

“grant” has the same meaning as it has in the Student Support Act 2011;

“Minister” means the Minister for Education and Skills;

“student” has the same meaning as it has in the Act.

(2)(a) Subsection (2)(a) provides that this section applies to a payment made by an awarding authority to or in respect of a student in accordance with a scheme of grant(s) made by the Minister or confirmed under the Student Support Act 2011, on behalf of the Minister for Education and Skills. (2)(a)

(2)(b) Subsection (2)(b) provides this section also applies to a corresponding payment made in accordance with the law of a Member State (other than the State) to that specified in subsection (2)(a) above.

(3) Subsection (3) provides that a payment to which this section applies, which is made on or after 1 January 2020 be exempt from income tax and not included in determining total income of the student.

(4) Subsection (4) provides that a payment to which this section applies, made before 1 January 2020 be exempt from income tax and not included in determining total income of the student in the year of assessment to which it relates.

Subsection (2) of this section provides for the United Kingdom in the context of a post Brexit scenario.

Subsection (3) gives effect to the aforementioned subsection (2) by Ministerial order.

Relevant Date: Finance Act 2021