Submitted on Wednesday 14th May 2014
Published on Friday 16th May 2014
Current status: Closed
Closed: Monday 30th March 2015
Signatures: 1
Stop Subjectivly using the words Income and Loans
Student loans are treated as an income but the legal definition of income is
•any salary, wages or fee
•any gratuity or other profit or incidental benefit of any kind obtained by the employee if it is money or money's worth (see EIM00530)
•anything else that constitutes an emolument of the employment
The Definition of a loan in law is
•money debt
•arising from a transaction for the lending of money
Both elements have to be present for the arrangement to be a loan relationship.
Both the above definitions are taken from government websites
The government needs to come clean and change the rules regarding the use of the word LOAN and INCOME and they should not be entitled to use words that best fit what they want to achieve.
If you take out a loan then you have to pay it back so it should not be counted as income as per the legal definition. So student loans should be exempt from the rules as it is not income under the definition.
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