The government has today announced the employer time limit on using their levy funds, due for introduction in April 2017.
The news came in an updated guide to the apprenticeship levy and “how it will work” web page, published this afternoon.
An apprenticeship levy operating guide for employers, to be published in April, had been promised in last month’s budget.
The latest version of the guidance stated: “Funds will expire 18 months after they enter your digital account unless you spend them on apprenticeship training,”.
It continued: “Whenever a payment is taken from your digital account it will automatically use the funds that entered your account first. This will minimise the amount of expired funds.”
The apprenticeship levy, first announced by the government in July, is set at 0.5 per cent of an employer’s paybill.