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The opportunity for schools and tax-free childcare

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24 July 2014

Opportunities for schools are likely to appear from Autumn 2015, as working families struggling to meet childcare costs are to get a £2,000 per year boost from the Government.

Families are expected to receive 20% tax relief on savings used for childcare up to a maximum of £10,000. HMRC are anticipated to be run an online scheme with National Savings & Investments.

To be eligible, families must have both parents in work (which includes self-employment) with each earning less than £150,000 per tax year and they must not already receive support through tax credits or universal credit.

Families won’t be able to be in both employer supported childcare schemes and the new tax-free childcare scheme. Some families will be better off in one or the other, so guidance is likely to be needed.