Did you know that Children's Tax-Exempt Savings Plans (TESPs)also provide a long-term, tax-free way to save for your children's future? Click hereto find out more about a tax-efficient way to build up a nest-egg for your child in addition to a Junior ISA, and compare providers.
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Child poverty campaigners have warned that the 2.5 per cent rise in VAT will hit poorer families the hardest.
The Robin Hood Tax campaign alliance, comprised of groups such as Save the Children and Oxfam, has said the rise in VAT to 20 per cent will increase families' weekly spending by an average of £31 a week. This increase will unfairly affect low-income families, the campaigners have claimed, and plunge even more households into poverty.
A statement from the group said that the country's poorst families "could be pushed over the breadline with an annual VAT bill of at least £1,600."
Instead, the government should raise more taxes from the financial sector, the group has argued.
Charities supporting disadvantaged families will also suffer through the change in VAT, Family Action has said. According to the charity, an extra £12,000 a year will be needed to provide the £54,000 in grants it provided in 2008/9 to 3,000 families in poverty.
A spokesperson for Family Action said the grants were "an absolute lifeline to vulnerable families" who "have no savings" in case of emergency, while admitting the increase would "reduce [their] ability to support people".
Choose up to £25 worth of ethical gift vouchers or £15 worth and have a tree planted on your behalf when you set up a regular Direct Debit of £20 or more.
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