Fostering Allowance

Fostering Allowance

Here at Olive Branch, we understand that fostering can be quite demanding at times that’s why we pay our foster carers a generous fostering allowance so they can focus on giving their foster child the best possible care.

Payments will vary depending on the age and needs of the child but you can expect to receive up to £405.00 per child per week.

Tax-free Earnings

The Government have a special tax relief for all foster families. The first £10,000 you earn (after expenses) is 100% tax free. On top of this there is an extra tax relief on £200 (for children under 11) and £250 (for children over 11) you earn per week.

More information can be found on the HMRC website here.

Below we have given you some examples based on a 52 week placement.

Tracey is fostering a 14 year old boy and is paid £390.00 per week.

Earning for the year= 52 x £390.00= £20,280

Tax Exemption= £10,000

Further Tax Relief= 52 x £250= £13,000

Total Tax Relief Eligible= £23,000

Therefore 100% of earnings are tax free and Tracey does not pay any tax.

Mathew is fostering a sibling group of 2, one child is 9 and the other is 16. Mathew is paid £740 per week.

Earning for the year= 52 x £740.00= £38,480

Tax Exemption= £10,000

Further Tax Relief= 52 x £200= £10,400 (under 11 child)

Further Tax Relief= 52 x £250= £13,000 (over 11 child)

Total Tax Relief Eligible= £33,400

Therefore Mathew will pay tax on £5,080

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