Treasury written question – answered at on 29 July 2024.
Luke Charters
Labour, York Outer
To ask the Chancellor of the exchequer, what assessment her Department has made on the effectiveness of the system for applying for tax-free childcare.
Darren Jones
The Chief Secretary to the Treasury
Tax-Free Childcare (TFC) provides financial support for eligible working parents in paying their childcare costs. For every £8 parents pay into their childcare account, the government adds £2.
It takes around 20 minutes for an eligible customer to open an online account. Accounts can be opened at any time of the year and can be used straight away. Money can be deposited at any time and used when needed. Any unused money that is deposited can be simply withdrawn at any time.
Approved or registered childcare providers can sign up online to accept TFC. The sign-up process takes around 10 minutes.
Yes1 person thinks so
No1 person thinks not
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The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
