Following the Budget yesterday we are delighted that the Chancellor of the Exchequer, Rachel Reeves has set the Levy rate for the LCF.
It is great news to get this clarified in October as we have had to wait until March in the last few years.
The rate will be 4.05% for the year 2025-2026.
This aims to generate £957k to fund Entrust to deliver our services. The increase in the actual % is due to a reduction in the expected value of the contributions from £30.6m to £23.6m.
The diversion rate remains unchanged at 5.3%
We remain committed to reducing our cost base. Following the initiatives taken to restructure the team and relocate the office in January 2024, our revised resource requirement will continue a downward trajectory while enabling us to deliver an economic, efficient and effective regulatory service to HMRC.