Irish Wedding News
18/03/2014
Two million parents are to be given up to £2,000 per child per year under an expanded childcare scheme.
The project, which will come into force from September 2015, will also be extended to all children under the age of 12 within the first year, the Government has announced.
The measures will help working parents provide more security for their families, as well as provide additional support to children from disadvantaged backgrounds.
Currently, employees of participating firms can reduce their childcare costs through a tax-free voucher scheme, but only 5% of UK employers are signed up to it. Ministers say the new initiative will mean twice as many parents are eligible for support.
Originally unveiled a year ago, the Government said the maximum support available through the new tax-free scheme would be £1,200 a child and would be available to families where both parents worked and earned less that 3150,000 a year. The scheme was also to be phased in over a seven-year period.
However, in a statement released on Tuesday, ministers have agreed to increase the value of the scheme to £2,000 per child. It is also to accelerate its implementation, with the extension of the project to eligible children up to the age of 12 within the first year.
For example, parents paying 80% of childcare costs of up to £10,000 per child to a registered provider will get the remaining 20% tax-free; so those whose annual bill is £10,000 would qualify for £2,000 in support.
It is also thought that as many as 1.9 million families with children under the age of 12 will be eligible in year one of the initiative.
In addition to the above, anyone working part-time and earning more than £50 a week, parents on maternity, paternity and adoption leave and those starting their own business will be entitled to support in the first year.
Commenting on the scheme, Prime Minister David Cameron said: "Tax free childcare is an important part of our long-term economic plan. It will help millions of hard-pressed families with their childcare costs and provide financial security for the future."
Deputy Prime Minister, Nick Clegg added: "All children deserve the best start in life. As, together, we build a stronger economy for Britain, I'm committed to making sure that we create a fairer society too.
"Today's package of support will provide a childcare boost for millions of hardworking families, and a £50 million cash injection for early education providers to support those children who need extra help in their early years. We want to ensure that everyone can get on and succeed."
(JP)
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Parents To Get Help With Childcare Costs
Two million parents are to be given up to £2,000 per child per year under an expanded childcare scheme.
The project, which will come into force from September 2015, will also be extended to all children under the age of 12 within the first year, the Government has announced.
The measures will help working parents provide more security for their families, as well as provide additional support to children from disadvantaged backgrounds.
Currently, employees of participating firms can reduce their childcare costs through a tax-free voucher scheme, but only 5% of UK employers are signed up to it. Ministers say the new initiative will mean twice as many parents are eligible for support.
Originally unveiled a year ago, the Government said the maximum support available through the new tax-free scheme would be £1,200 a child and would be available to families where both parents worked and earned less that 3150,000 a year. The scheme was also to be phased in over a seven-year period.
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However, in a statement released on Tuesday, ministers have agreed to increase the value of the scheme to £2,000 per child. It is also to accelerate its implementation, with the extension of the project to eligible children up to the age of 12 within the first year.
For example, parents paying 80% of childcare costs of up to £10,000 per child to a registered provider will get the remaining 20% tax-free; so those whose annual bill is £10,000 would qualify for £2,000 in support.
It is also thought that as many as 1.9 million families with children under the age of 12 will be eligible in year one of the initiative.
In addition to the above, anyone working part-time and earning more than £50 a week, parents on maternity, paternity and adoption leave and those starting their own business will be entitled to support in the first year.
Commenting on the scheme, Prime Minister David Cameron said: "Tax free childcare is an important part of our long-term economic plan. It will help millions of hard-pressed families with their childcare costs and provide financial security for the future."
Deputy Prime Minister, Nick Clegg added: "All children deserve the best start in life. As, together, we build a stronger economy for Britain, I'm committed to making sure that we create a fairer society too.
"Today's package of support will provide a childcare boost for millions of hardworking families, and a £50 million cash injection for early education providers to support those children who need extra help in their early years. We want to ensure that everyone can get on and succeed."
(JP)
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