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Ups and downs of childcare
KEY POINTS
- A new tax-free childcare scheme is being phased in during 2017.
- Tax credits are being replaced by universal credit which also has a childcare element.
- The use of employer childcare vouchers will be restricted from April 2018.
- Child benefit is restricted for those earning more than £50 000 with a ‘high income tax benefit charge’.
- Tax-free childcare is being introduced in phases from April 2017 and will replace childcare vouchers.
- Employers face increasing costs other than childcare.
There are several government-funded childcare initiatives that may be free from tax and available to parents. Among them are the new tax-free childcare scheme being phased in during this year and an increase in the free childcare available to three- and four-year-olds from this month. With the...
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