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Amendment of Skills Development Levy Act

Variable Capital Companies (Consequential Amendments to Other Acts) Order 2020

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The Skills Development Levy Act (Cap. 306, 2012 Ed.) is amended —(a)by inserting, immediately after the definition of “Agency” in section 2, the following definition:“ “company” —(a)has the meaning given by section 4(1) of the Companies Act (Cap. 50); and (b)includes a foreign company within the meaning of that Act;”;(b)by deleting the full-stop at the end of the definition of “skills development levy” or “levy” in section 2 and substituting a semi-colon, and by inserting immediately thereafter the following definitions:“ “sub-fund”, “umbrella VCC” and “variable capital company” have the meanings given by section 2(1) of the VCC Act;“VCC Act” means the Variable Capital Companies Act 2018 (Act 44 of 2018).”;(c)by inserting, immediately after subsection (2) of section 24, the following subsections:“(3) There is to be included among the taxes that, under —(a)section 328 of the Companies Act as in force before it is repealed by the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018) (as applied by section 130 of the VCC Act as in force before the operative date); or(b)section 203 of the Insolvency, Restructuring and Dissolution Act 2018 (as applied by section 130 of the VCC Act as in force on the operative date),are to be paid in priority to all other unsecured debts in the winding up of a variable capital company, the amount of any levy due from that variable capital company and that has become due within 12 months before the date of commencement of the winding up.(4) There is to be included among the taxes that, under —(a)section 328 of the Companies Act as in force before it is repealed by the Insolvency, Restructuring and Dissolution Act 2018 (as applied by section 33(2) of the VCC Act read with the First Schedule to the VCC Act as in force before the operative date); or(b)section 203 of the Insolvency, Restructuring and Dissolution Act 2018 (as applied by section 33(2) of the VCC Act read with the First Schedule of the VCC Act as in force on the operative date),are to be paid in priority to all other unsecured debts in the winding up of a sub-fund of an umbrella VCC, the amount of any levy due from the umbrella VCC —(c)that is allocated to the sub‑fund by the umbrella VCC under section 29(3) of the VCC Act; and (d)that has become due within 12 months before the date of commencement of the winding up of the sub‑fund.(5) In this section, “operative date” means the date of commencement of sections 17(b) to (i), 18 to 21, 29, 30, 43 to 48, 50 to 53, 56, 58, 59 and 62 of the Variable Capital Companies (Miscellaneous Amendments) Act 2019 (Act 28 of 2019).”; and(d)by inserting, immediately after paragraph 6 of the Second Schedule, the following paragraph:“6A. Where the employer is a VCC, matters consequential on the winding up of the VCC or (in the case of an umbrella VCC) any of its sub-funds, in relation to any unpaid levy.”.

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