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Breaking News March 14th 2018 Childcare scheme gets six-month reprieve

14 Mar 2018

Education Secretary Damian Hinds made the concession during a Commons debate yesterday March 13th.

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Changes are coming to Childcare Vouchers April 2011. Can it affect you?

With the changes in the current situation for childcare vouchers, the government is reducing the current tax savings made by 40% and 50% tax payers

 Here is the calculation based on the maximum take up of £243 per month

40% tax calculation

Before april 2011maximum saving per annum        £1,170

After april 2011 maximum saving per annum          £   610

                              TOTAL LOSS PER ANNUM          (£  560)

50% tax calculation

before april 2011maximum saving per annum       £1,460

after april 2011 maximum saving per annum         £   590

                              TOTAL LOSS PER ANNUM          (£ 870)     


What should and can you do?

If you are already in a salary sacrifice scheme and a higher rate tax payer then don't worry, as there will be no change for existing participants until April 2015.

If you're planning to join, doing it prior to April 2011 is highly worthwhile for higher taxpayers. remember, most vouchers have a long date on them (e.g. three years) so even if you don't quite need them yet, but definitely will, it's worth getting into the scheme before the allowances plummet. 

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