Tax relief for foster and shared lives carers is to be increased, as follows:
“2.27 The government is increasing the amount of income tax relief available to foster carers and shared lives carers. The threshold of income at which qualifying carers begin paying tax on care income will be increased to £18,140 per year plus £375 to £450 per person cared for per week for 2023-24 and these thresholds will then be index-linked, representing a tax cut worth approximately £450 per year on average.”
For anyone needing an overview of how the relief works, this is explained well by the Low Incomes Tax Reform Group on this page.
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Income Tax is a substantial single-volume guide to all the income tax issues commonly faced by most accountants and tax practitioners.
