CSLM10014 – FAQs: employers questions and answers: P45 has a 'Y' in the SL box - t/p has repaid loan
Suggested answer
Continue to make Student Loan deductions unless you have
received a Stop Notice.
But
Tell your employee to contact the Student Loans Company,
(This text has been withheld because of exemptions in the
Freedom of Information Act 2000)to discuss the position. If the
loan has been repaid a Stop Notice will be sent to you.
HMRC action
None
Notes:
- Information held by the Student Loans Company in respect of
repayments made by borrowers is inevitably out of date because, in
PAYE cases, they can only be updated when the end of year returns
are made
- Stop Notices will normally be issued automatically when the
Student Loans Company estimate that the loan will be paid off. This
is based on the pattern of previous payments and income. There will
obviously be cases where a loan may be paid off before a Stop
Notice is issued. If the borrower can provide details of payments
made since the last reconciliation of the account was undertaken
then a Stop Notice will be issued
- The employer should never be told to phone the Student Loans Company. They will deal only with the borrower
