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Apprenticeship levy post funding predictions cut
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Apprenticeship Levy Post Funding
Predictions Cut By £100m a year
A general update using public information
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Levy amount raised has fallen
each year
The amount of money that the levy is expected to raise has
already fallen by £100m each year up to 2020/21.
• Initial predictions by the Office of Budget Responsibility (OBR)
in November showed that in 2017/18, the levy would
raise£2.8Bn, in 2018/19 £2.9bn and £3bn in 2019/20.
• However, the OBR figures published in March 2016 showed that
these figures had been revised down by £100m
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Latest projections reflected revised
earnings and employment forecasts
A spokesperson from the Treasury confirmed that the OBR’s latest
projections reflected the OBR’s revised earnings and employment
forecasts.
• What we know about levy being raised from a tax on PAYE is that
the reduction is directly related to the OBR’s revised figures on
earnings growth.
• The £3bn levy pot of 2019/20 would be split with £2.5bn going to
apprenticeships in England and remaining £500m to devolved
nations
The treasury have said that despite the £100m reduction, the £2.5bn
apprenticeship pot would remain unchanged.
• As for questions on whether the apprenticeship pot for Wales,
Scotland and Ireland would be reduced to £400m, a Treasury
spokesperson said they would be given “their fair share of the
levy”
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The levy update so far…
The apprenticeship levy is set to take place in April 2017 and will
be 0.5% of the employer’s payroll. It will only affect businesses
with a payroll of £3m or more which is about 2-3% of employers
• Any money raised from the levy will be ring-fenced to ensure it
is only spent on training apprentices.
• Any company paying the levy will receive a 10% top up on their
monthly contributions
• Companies can access the levy money from a digital account
Nadhim Zahawi MP said at the Annual Apprenticeship conference
2016 that only levy-paying companies would have access to the
Digital Apprenticeship System when it launches in 2017.