Student loan: yearly threshold uprating factor

The multiplier applied to last year’s student loan repayment threshold to set this year’s — one plus the March-to-March rise in the RPI.

1.032× the previous year’s repayment threshold

Derivation verified Derived United Kingdom in force since 2026-04-06

Checked against its sources: statute verified 2026-09-21

Scope: Not a stated figure: regulation 8B gives a rule, and every value here is our computation of it from Retail Prices Index (RPI) (D14, D24), recomputed by the build. Published to three decimal places, which is a READING and not a rounding the regulation states: regulation 8B rounds nothing, and regulation 8C(1)(b) makes its worked example ("2.4% … 0.024 … 1.024") illustrative only. The record reads "the percentage increase in the retail price index" as the one-decimal percentage the ONS publishes as the index's 12-month change, computed here from the archived index — the reading that reproduces the thresholds HMRC publishes: an unrounded quotient would put the plan 1 threshold at £26,070 for 2025-26 and £26,910 for 2026-27 rather than the £26,065 and £26,900 in force. Starts with the year ending 5 April 2025, the first year any threshold in this corpus derives (both bases are stated for 2023-24); the series window opens at March 2022 for the same reason.

How it is worked out: 1 + (Retail Prices Index (RPI) (March 2025) ÷ Retail Prices Index (RPI) (March 2024) − 1) — recomputed from its corroborated inputs on every build.

Current sources

Source A · Legislationhttps://www.legislation.gov.uk/uksi/2022/1335/made (SI 2022/1335 reg 11, inserting regulation 8B into SI 2009/470: "The repayment threshold variable is, in relation to a repayment threshold year, the sum of— (a) one, and (b) the percentage increase, expressed as a decimal, in the retail price index between the two Marches immediately before the commencement of the previous repayment threshold year")

retrieved 2026-09-08

History

Value	From	To	Status	Sources
1.135	2024-04-06	2025-04-05	Derivation verified	Legislation: https://www.legislation.gov.uk/uksi/2022/1335/made (SI 2022/1335 reg 11, inserting regulation 8B into SI 2009/470: "The repayment threshold variable is, in relation to a repayment threshold year, the sum of— (a) one, and (b) the percentage increase, expressed as a decimal, in the retail price index between the two Marches immediately before the commencement of the previous repayment threshold year") retrieved 2026-09-08
1.043	2025-04-06	2026-04-05	Derivation verified	Legislation: https://www.legislation.gov.uk/uksi/2022/1335/made (SI 2022/1335 reg 11, inserting regulation 8B into SI 2009/470: "The repayment threshold variable is, in relation to a repayment threshold year, the sum of— (a) one, and (b) the percentage increase, expressed as a decimal, in the retail price index between the two Marches immediately before the commencement of the previous repayment threshold year") retrieved 2026-09-08
1.032	2026-04-06	—	Derivation verified	Legislation: https://www.legislation.gov.uk/uksi/2022/1335/made (SI 2022/1335 reg 11, inserting regulation 8B into SI 2009/470: "The repayment threshold variable is, in relation to a repayment threshold year, the sum of— (a) one, and (b) the percentage increase, expressed as a decimal, in the retail price index between the two Marches immediately before the commencement of the previous repayment threshold year") retrieved 2026-09-08

Receipt

Everything above is reproducible and independently checkable — no trust in this site required (how verification works).

Figure ID: employment.student_loan.repayment_threshold_variable
Name in the API: Student loans: repayment threshold variable
Record fields (source type · unit · jurisdiction · status): derived·threshold_multiplier·UK·derivation_verified
Derivation: 1 + (employment.rpi.all_items@2025-03 / employment.rpi.all_items@2024-03 - 1)
Record hash (canonical JSON, SHA-256): sha256:cf650a832e9f187586d8e59b7087ace3eafba8c33783204b132fc6fa23ce6849
Source snapshots (SHA-256): Legislation: sha256:8024e6c34cf2298e77c8b9c1bffa0e2db86a545449d2a786fc241fe46dffbe55
Listed in the signed manifest: release 3.0.0 manifest · record_hashes["employment.student_loan.repayment_threshold_variable"]
Machine-readable record: /v1/figures/employment.student_loan.repayment_threshold_variable · current only: /v1/figures/employment.student_loan.repayment_threshold_variable/current

Compiler's notes

Regulation 8B was inserted by SI 2022/1335 reg 11 with effect from 6 April 2023 (F-note on the archived current view of SI 2009/470, 2026-09-08: regs. 2(2), 11) and has not been amended since — no other F-note touches it. Each value's Marches: 2024-25 reads March 2023 over March 2022 (367.2 / 323.5 = 1.135085); 2025-26 March 2024 over March 2023 (383.0 / 367.2 = 1.043028); 2026-27 March 2025 over March 2024 (395.3 / 383.0 = 1.032115). The receipt is the inserting instrument as made; the 2009 Regulations' own as-made text predates regulation 8B.