Insurance industry awaits apprentice levy update

Houses of Parliament

The insurance industry is awaiting an update from the government about the implementation of the compulsory apprenticeship levy.

The levy is due to start in April 2017.

Firms across the private and public sectors in England with a total "pay bill" - including wages, bonuses and pensions - of over £3m will be affected.

They will have to put 0.5% of the "pay bill" above the £3m threshold aside with HMRC to fund apprenticeships.

The move was announced by the then chancellor George Osborne

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