2023/24 levy consultation
Our consultation on the levy rules for 2023/24 closed on 10 November 2022. We would like to thank everyone who provided feedback on our proposals.
Final 2023/24 levy rules
We published our conclusions to the consultation and the final levy rules for 2023/24.
The policy statement confirms a significant reduction in levy following widespread support for consultation proposals on rules for 2023/24 and almost all schemes are expected to pay less levy next year.
You can read more in our press release.
In implementing the determination rules for the new asset classes, we faced some challenges with implementing our policy intention to create an index for absolute return funds. This is for the factor defined in our 2023/24 Transformation Appendix as Ca+Ret(Date1, Date2) which appears on page 30 of the Transformation Appendix. Our alternate approach replaces the formula shown with one which reflects a cash-based roll-forward index, representing Bank of England base rate + 3.5 per cent, in keeping with our original policy intention. We will be implementing the below methodology for Ca+Ret(Date1,Date2) for the 2023/24 levy year:
Ca+Ret(Date1,Date2) = CashPlus TRI@Date2 ÷ CashPlus TRI@Date1
where CashPlus TRI@DateX = 1 + CashPlusreturn%(BaseDate, DateX),
CashPlusreturn% will be estimated by rolling up the Bank of England base rate plus 3.5 percentage points from BaseDate to DateX, and
BaseDate = 1 November 2004
Dun & Bradstreet scores
For the 2023/24 levy year, we'll be using insolvency risk scores produced by our insolvency risk partner Dun & Bradstreet starting in April 2022.
It’s important that D&B are using accurate information. You can view your scores and check that your information is correct in our portal.
Keep track of levy deadlines using our timeline.