From 1 January 2024, the procurement thresholds under the Public Contracts Regulations 2015, the Concessions Contracts Regulations 2016, and the Utilities Contracts Regulations 2016, will be revised. Click here to download our handy one pager with all the new thresholds set out for reference.
The recent PPN 11/23 on the new thresholds reminds us that while contract values are taken inclusive of VAT for the purposes of assessing whether the thresholds are met, the contract values inputted into Contract Notices and Contract Award Notices should continue to be stated exclusive of VAT.
However, the PPN also trails a new point; when the Procurement Act 2023 is implemented in Autumn 2024, this approach will change, and statements of contract value in transparency notices will then need to be made inclusive of VAT.
Also in the new year …
Do join Shailee Howard, Victoria Armitage, and me at 10am on 11 January 2024 for the next in our 5 in 25 Countdown series – when we will be looking at the impact of the Procurement Act 2023 on the selection stage of a procurement. You can sign up here. Even if you can’t attend, it is worth registering as everyone gets a copy of the recording, the slides and the Q and A.
Our content explained
Every piece of content we create is correct on the date it’s published but please don’t rely on it as legal advice. If you’d like to speak to us about your own legal requirements, please contact one of our expert lawyers.