Tax breaks could ease debt concerns

Mon, 12 Mar 2012

The concerns of households throughout the UK could be eased somewhat through the introduction of family-friendly tax breaks.

In the run up to the chancellor's announcement, Family Investments has revealed such moves would prove highly beneficial for mothers in particular, who are facing an additional £7 billion on everyday essential costs this year.

According to the UK Mums' Budget report, 64 per cent of those questioned revealed they would like to see the income tax personal allowance increased to £10,000, while 47 per cent said they would welcome the removal of VAT from child essentials such as prams, pushchairs and child car seats.

Kate Moore, head of savings and investments at the organisation - which was handed the Moneyfacts Award for Best Child Trust Fund Provider in 2011 - noted the findings show families continue to face significant financial pressure, with struggles to meet everyday costs likely to intensify their debt concerns.

Ms Moore stated: "The fact that they would implement family friendly tax breaks is an example of the concerns and pressures mums have when it comes to handling their family's finances ."
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