Martin Lewis has issued a tip to grandparents on how to get a financial boost from looking after their grandchildren. The money expert highlighted that grandparents should apply for Specified Adult Childcare Credit if they look after grandchildren.
The 'little known' benefit helps grandparents who look after their grandchildren while parents work. If you are a parent of child under 12-year-old, grandparents who provide so you can work can claim the benefit.
They will get the National Insurance years that normally go to a parent who is off work looking after children, which can add thousands to a state pension. Lewis posted on Twitter to share the tip with his followers.
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The finance guru, said: "Pls share. There's a little known benefit for grandparents who look after their grandchildren while parents work. If ur a parent of an under 12, if your parent (ie childs grandparent) do childcare so you can work, u can apply to get em "Specified Adult Childcare Credit"
"This 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" You can find out more about Specified Adult Childcare Credit.
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