More than 600,000 families cast a savings spell and cut their childcare costs with Tax-Free Childcare HM Revenue and Customs (HMRC) reveals, as it encourages others to sign up ahead of the spooky school holidays.
Tax-Free Childcare helps working families with their childcare costs by saving up to £2,000 per year for each of their children up to the age of 11 or £4,000 per year up to aged 16 if the child is disabled, News Cover reports, citing the UK government's official website.
Latest figures show 601,620 families received a share of £55.7 million in government top-ups in June with each family getting an average of £93 added to their Tax-Free Childcare savings pot.
For every £8 parents deposit in their child’s account, the government tops it up by £2.
