We’re here to help, so please check the information below and contact us if you have any questions.
Contingent asset documents
Given the current situation and government guidelines, our requirements for submitting contingent asset documents has changed.
To reduce any risk, with immediate effect please don’t send us hard copies of documents. You should:
- Email documents to [email protected]
- The file size needs to be less than 10MB – you can do this either by ‘zipping’ the file or by splitting the documents into separate emails.
- If you split the documents, please make sure it's clear that they're linked.
We can’t formally approve extensions to our levy data deadlines in advance, because they are set in our rules. We understand that schemes might not be able to finalise documents because key individuals are unwell or in self-isolation, or for a comparable reason you submit your documents after the deadline.
We’ll consider the circumstances and where it’s reasonable and efforts have been made to keep the delay to a minimum, we’ll accept them. You’ll need to give reasons for your late submission when you send it.
For PPF-specific documents, for example officer’s certificates, we’ll accept other forms of confirmation that the form is authorised, such as signatures produced by e-sign software.
For documents that are intended to have legally binding effect beyond the PPF-specific requirements, you should speak to your legal advisors about how to sign the documents validly.
This may include contingent asset agreements or documents to be filed at registries that have other requirements.
Certified copies of documents
Where the requirements in the levy rules include submission of a certified copy of any document and, due to the government’s guidance on COVID-19 it hasn’t been possible to get one within the required time frame, we’ll accept submission of a copy document by e-mail.
It should be accompanied by an email from the legal adviser confirming that, in so far as they are reasonably able to determine, it accurately reflects the original document. The covering e-mail should explain why certified copies are not available. Where certified copies are available they should be submitted.
Carrying out assessments of contingent assets and asset backed structures in March 2020
To the extent that there are known/expected impacts of COVID-19 that can be estimated you should take account of these. However, reflecting the material uncertainty over future economic impacts of the virus, and the impact that government responses to it may have, there is no need to make further allowance for this general uncertainty.
Reports should therefore indicate what assumptions have been made, rather than seeking to exclude consideration of COVID-19.
There’s no need to revisit assessments already finalised to take account of factors emerging after they were signed off.
If you need any help with submitting levy documents, please email [email protected] or call us on 0345 600 2541.