Transferring apprenticeship service funds - new guidance coming into force
Information about transferring funds to another organisation in the apprenticeship service was issued earlier this year by the Education and Skills Funding Agency and is now starting to come into force.
Employers that pay the apprenticeship levy now have the option to transfer 10 per cent of their annual apprenticeship funds to other organisations – giving them extra flexibility in how they use it.
Employers wishing to transfer a proportion of their annual levy funds will be able to choose who they want to give it to – providing their designated recipient wants to receive it and both parties are registered on the apprenticeship system.
Up to 10 per cent of levy funds can be transferred, calculated from the total of the employer’s declared levy value and the government’s 10 per cent top-up, including a percentage for English apprenticeships.
This guidance from the Education and Skills Funding Agency has all the details.