The latest statistics from HRMC show that approximately 484,000 families used Tax-Free Children in November 2023, this is an increase of 60,000 on the year before.
According to the data, the Government spent £46.2 million on top-up for families in December 2023. This is against a yearly forecast of £1 billion for Tax-Free Childcare for 2023-24.
It also shows that fewer than half of parents with an open Tax-Free Childcare account are actually using it. One reason for this could be if parents have switched to universal credit and getting money towards their childcare costs, meaning they are unable to claim money through Tax-Free Childcare too.
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