What is the apprenticeship levy?
The way apprenticeships are funded in the UK is set to be amended in April 2017 with the introduction of a 0.5% levy on employer’s pay bills. If passed this levy will only be payable on pay bills in excess of £3 million per year, which is estimated to effect only 2% of employers. This is estimated to provide an estimated £3bn boost to the apprenticeships budget supporting a new wave of young learners. As part of this new plan, employers will also be given an annual offset allowance of £15,000 towards the cost of the new levy.