No Extension to Levy Funds
News September 1, 2020
Earlier this month, Apprenticeships and Skills Minister, Gillian Keegan, confirmed that there are no plans to extend the expiry period for employers’ levy funds.
Levy-paying employers (employers with a wage bill in excess of £3million) have a maximum of 24 months to spend any funds that enter their digital account. There has been some discussion about extending the expiry period due to COVID-19 out of concern that employers would lose these funds, however, employers are being encouraged to use these funds by taking advantage of the Government’s Apprenticeship incentive.
Ms Keegan said: “From the point at which funds enter an employer’s account, they already have 24 months in which to spend the funds, and these funds only begin to expire on a rolling, month-by-month basis 24 months after they enter an employer’s account.
“Levy-paying employers can transfer up to 25% of their annual funds to help support Apprenticeship starts in their supply chain or to meet local skills needs. We remain committed to improving the operation of the Apprenticeship levy, and while we recognise the current challenges facing employers, we currently consider that this period is sufficient to give employers time to develop their Apprenticeship programmes and encourage them to create new Apprenticeship opportunities.”
If you have unspent levy funds and wish to support a company in your supply chain, please get in touch by e-mailing customerservice@achievementtraining.com and we can guide you through the process or call, 01752 202264
