Tax-Free Childcare will be launched from early 2017. The scheme will be rolled out gradually to families, with parents of the youngest children able to apply first. All eligible parents will be able to join the scheme by the end of 2017 which will be available for children up to the age of 12. It will also be available for children with disabilities up to the age of 17, as their childcare costs can stay high throughout their teenage years.
It works by way of an online account (through the government website) which parents can pay into to cover the cost of childcare with a registered provider. Parents will be able to apply for all of their children at the same time, when the youngest child becomes eligible. For every 80p paid in the Government will pay an additional 20p up to a total of £10,000. This equates to a maximum of £2,000 support per child per year (or £4,000 for disabled children).
However, none of the above affects existing provision of childcare vouchers or workplace nursery places.
Please contact Jacqui Gudgion if you would like to arrange a no obligation meeting to discuss matters in connection with any corporate or business tax issues.
Date: 23rd February, 2017
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