The 2023 – 2024 Budget has shown that foster carers will see an increase to their qualifying care relief (QCR) for the first time in 20 years.
Fostering households could see close to a £30,000 increase in the amount of tax-free money they can now earn if they are looking after two children over the age of 11.
Before the new Budget was released, foster parents could earn just shy of £50,000 before being taxed due to QCR and the Personal Allowance.
This tax relief particularly alleviates people who are working other jobs alongside fostering or those families who look after more than one child.
The new increases mean that it is now even more cost effective for a foster parent to work and foster at the same time.
Pradeep Heera is the registered manager at Ofsted ‘Outstanding’ local fostering agency ISP in Teynham and is hoping that more people will consider fostering as a result of this new financial breathing room.
He said: “It is great news that qualifying care relief for foster parents is being increased for the first time in 20 years, and by such a significant amount and we’re delighted that foster parents are being recognised for the fabulous work they do.
“This will have a real impact on foster parents’ finances at a time when all household budgets have been squeezed and mean that they have more money across the board.”
Pradeep said: “Hopefully these changes will alleviate some of these concerns for people and encourage more people to come into this rewarding and life-changing vocation.”
Sammy Meardon and her husband Stuart are foster parents with ISP Fostering, They currently support two siblings alongside raising their own birth children.
Sammy said: “My role as a foster parent is to provide children with a safe and nurturing home. We model appropriate behaviour and hope that it rubs off on the children we look after.
“As a foster parent you have to give your heart and soul to the children you care for to give them the love they need and the best chance of a good life. It would be great to see more people join our team and make a difference to vulnerable children and young people.”
The couple said there is ‘nothing as rewarding as foster care’ and they encourage more to consider fostering in the local area.
ISP is now recruiting for foster parents to make an incredible difference to children and young people, visit https://ispfostering.org.uk/locations/kent/ for more information.