The PPF has published its draft levy determination for 2016–17. It is largely unchanged from the current year though it does include new provisions on recertification of asset-backed contributions (ABCs). This will require a new valuation and an updated opinion from the valuer – a new legal opinion will only be required where there have been amendments to the ABC or other material matters affecting the basis of the previous advice. There are also some minor changes simplifying the procedure for having mortgages ignored for insolvency risk purposes. The guidance on contingent assets has also been amended to take into account of a PPF statement on assessing employer strength which was published earlier this year.
The PPF has also warned that schemes which had previously registered as "last man standing" but have now realised they aren't (as a result of last year's new legal advice requirement) will be invoiced for any levy arrears. Apparently there are some very large schemes involved and the bills could be substantial.
The final levy determination is to be issued in December, with the majority of information to be submitted to the PPF by 31 March 2016.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
