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Help for working families with childcare costs

June 4, 2014 11:39 AM
Originally published by UK Liberal Democrats

New measures unveiled in today's Queen's speech will help support working families with childcare cost.

The new scheme will give working parents with support equivalent to basic rate tax relief on money spent on childcare, worth up to £2000 per year, per child.

Working parents will have access to government funding towards their childcare cost in the form of effective tax relief. For every £8 a parent pays for childcare, the government will contribute £2.

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The funding is capped at £2000 per year, per child, but there is no restriction of the number of children for whom support would be available.

The tax-free childcare will be launched in autumn 2015 and rolled out to all eligible families with children under 12 in the first year, helping around 1.9m working families.