The childcare plans form the centrepiece of new proposals set out in the Coalition’s mid-term review and under the measures, working parents could be entitled to claim up to £2,000 per child every year from their tax bills to cover the cost of childminders and nurseries.
This could mean working parents becoming entitled to claim a flat-rate tax allowance to help cover the costly bills in a move that would replace the £700m voucher and allowances scheme.
The proposals form part of a review to mark the midway point of the Coalition's government and other measures include action on state pensions, infrastructure investment to help boost the economy and help towards care costs for the elderly.
Details of some policy pledges are still being finalised and announcements fleshing out the proposals are expected to be rolled out in the coming months at a rate of almost one a week.
In a foreword to their speech to be delivered later, the two leaders have said that they will support working families with their childcare costs and build more houses to make the dream of home ownership a reality for more people.
They also pledged to set out plans for long-term investment in Britain's transport infrastructure, while under plans to improve help for the elderly, they have said they will implement an improved state pension that rewards saving, and more help with the costs of long-term care.
They have also listed welfare reform and fuel duty cuts, along with help towards energy bills and the rise in the personal income tax allowance as being amongst the Government's achievements so far.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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