Families are being alerted to a scheme that could save them £2000 a year per child.
Working families, with children up to the age of 11, or 16 if their child has a disability, can save up to £2,000 a year per child or £4,000 a year if their child is disabled.
For every £8 paid into a Tax-Free Childcare account, families automatically receive an additional government top up of £2.More than one million families could be eligible for Tax-Free Childcare. Families who haven’t signed up should check their eligibility and sign up to start saving today. Victoria Atkins, The Financial Secretary to the Treasury, said: “While thousands more working families are benefitting from Tax-Free Childcare, which is making a real difference to their childcare bills, many more are missing out on the help they’re entitled to.
“Parents should check their eligibility and apply online, the top-up could make a big difference to working families at a time they need it most.” Myrtle Lloyd, HMRC’s Director General for Customer Services, added: “Tax-Free Childcare is a flexible benefit for families, allowing them to save towards the cost of childcare throughout the year and use when they need it. It can be a real boost to the household budget of working families. Search ‘Tax-Free Childcare’ on GOV.UK and sign up today.”Money can be deposited at any time at any time of the year to be used straight away, or whenever it is needed.
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