Consultation on childcare accounts
HMRC has recently issued consultation on the Tax-Free Childcare scheme that will offer working families 20% support toward the costs of qualifying childcare, up to a limit of £2,000 per child each year.
Eligible parents who enter the scheme will have a childcare account for each child. They will be able to pay funds into that account, receive government support of 20% of those funds up to £2,000 per child each year, and use the total funds to pay the qualifying childcare provider of their choice. This should give parents flexibility to meet their childcare needs.
Date: 30th June, 2014
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