Martin Lewis has shared a "little-known" benefit that can be claimed if grandparents mind children while parents are at work.
The finance guru has been keeping his many followers up-to-date with the latest news as the cost of living crisis worsens. The MSE founder is known for his switching and money-saving tips, but recent events have left even him at a loss as how to help people.
However, on Monday he shared some news that could be beneficial to many.
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Taking to Twitter, he said: "Please share. There's a little known benefit for grandparents who look after their grandchildren while parents work. If you're a parent of an under 12, if your parent (i.e. child's grandparent) does the childcare so you can work, you can apply to get them 'Specified Adult Childcare Credit'".
The MSE founder went on to explain: "his means they get the National Insurance years that normally go to a parent who is off work looking after children (as you're working you'll usually be getting from work). This can add £1,000s to a state pension".
These Specified Adult Childcare credits can be awarded retrospectively, as far back as April 6, 2011.
Gov.uk advice explains: "We cannot accept applications for a particular tax year until the following October at the earliest. For example, for the tax year 2018 to 2019 applications must not be made until October 2019. This is because we need to check the parent already has a qualifying year for National Insurance purposes, and that can take until the October."
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