2 questions about Tax-Free Childcare

arthurmauk

I learnt today about the government's Tax-Free Childcare scheme which offers up to £2k per year towards childcare costs. 2 things I wasn't sure about were these, so would anyone be able to answer them please?

1. Our child is not in paid childcare yet, can we put money into the account to be topped up for future years (i.e. we put in money in year 1 but use it only in year 3, etc.)
2. If we can do the above, what happens if we put in money in year 1 but decide to never use paid childcare? Can we take out our own money without the top up in year 10, or can it never be withdrawn personally, only by paid childcare providers?

Thanks in advance.

potatosalad

Hi,

Not totally sure about question 1, but for question 2 - yes you can definitely just withdraw the deposited money back to your own account again. When signed in, if you go to "Manage Account" there is an option right there for "Withdraw your money" which will allow you to do this.

cheeky-peach

Providing you are meeting the eligibility requirements (which need to be confirmed every 3 months), I don't see why you couldn't pay in indefinitely. As already alluded to if you want to withdraw back to your own account, the government will withdraw its corresponding contribution too.