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[Financial Requirement] - Cat B Salaried with bonus

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rm10
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Posts: 4
Joined: Mon Jul 13, 2015 3:24 pm

[Financial Requirement] - Cat B Salaried with bonus

Post by rm10 » Mon Jul 13, 2015 8:35 pm

Hello,

For Category B salaried income, are non-guaranteed bonuses treated as "salaried income" or "non-salaried income" (and therefore worked out as the annualised 6-month average of the bonuses)?

I am referring to paragraph 5.5.7 in the Financial Requirement document:
5.5.7

Overtime, commission-based pay and bonuses (which can include tips and gratuities
paid via a tronc scheme registered with HMRC) will be counted as income from
employment where they have been received in the 6 or 12 months prior to the date of
application as applicable. Sometimes the person will receive the same amount of
income from overtime each month; sometimes overtime payments will vary, with
different amounts (if any) each month. All overtime in salaried employment will be
calculated based on the approach to income from non-salaried employment. This will be
an annualised 6-month average for the overtime which will be added to the level of the
gross annual salary.

SoHopeful
Senior Member
Posts: 948
Joined: Wed Sep 16, 2009 11:01 pm

Re: [Financial Requirement] - Cat B Salaried with bonus

Post by SoHopeful » Tue Jul 14, 2015 1:41 pm

Any overtime or bonuses would be calculated using the non salaried income calculation and then added to your annual gross salary.

rm10
Newly Registered
Posts: 4
Joined: Mon Jul 13, 2015 3:24 pm

Re: [Financial Requirement] - Cat B Salaried with bonus

Post by rm10 » Tue Jul 14, 2015 4:32 pm

Thank you for your reply.

Does this rule apply only to the first part or to the second part also of the Category B conditions?

I am referring to paragraphs 5.3.3 - 5.3.10.

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