What is the Levy Transfer Service?
Employers who pay into the apprenticeship levy and have unused apprenticeship funds can help support local employers, help out in the community and/or support a young person with their apprenticeship funding. Employers get to decide who their funding goes to, so you can assist your supply chain or local organisations.
By transferring your levy funds to small and medium-sized businesses (SME) you are benefiting SME as their funding and apprenticeship starts are limited. Whereas Levy payers can transfer their funds and make a difference for the young learners and the SME. All you have to do is fund the SME for them to be able to take on more apprentices. This could also be beneficial for levy paying employers, as you will be helping out in your community and supporting learners in furthering their education and enhancing their skills.
Additionally, if your levy funds have not been used in 24months, they will be classified as unused and your money will be removed from your account and go to HM Treasury.