How does George affect his parents' after-tax income?
Meaning the baby, not the Chancellor!
If his father's only income was his RAF's officer income, with a salary under £50k, and with a non-earning mother, they would receive the full child benefit of £20.30 per week, or £1,055.60 per year until as late as 31 August 2033 if he is in qualifying education or in the armed forces by then.
If his father receives a pay rise in the next 16 to 20 years, taking his income over £50k, child benefit is reduced or if it reaches £60k, becomes £NIL. This assumes the thresholds aren't increased with wage inflation which is probably the intention.
If his mother works for her parents' company for a modest salary below the tax free personal allowance of £9,440 and the company runs a childcare voucher scheme for all its employees paying up to £243 pcm or £2,916 per annum until 1 September 2028, corporation tax of £2,471 (£1,888 + £583) per year is saved with no tax charge on George's mother. And no loss or reduction in child benefit.
This childcare can be paid despite a private education if it's an out-of-hours school club such as rugby practice.
Before starting school, his father may take George to a workplace nursery paid for by the RAF with no tax cost to him, and with no income limits, this can be very valuable. It could be paid at the same time as George's mother's childcare vouchers with no effect on the level of childcare vouchers paid to her.
In addition, if his mother had shares in her parent's company and received dividends, they wouldn't affect the level of childcare vouchers paid, but might affect child benefit if the gross dividends plus salary totalled £50k or more.
Potentially, child tax credits are available if their combined income, including gross dividends, dropped to £25,798 or less before 1 September 2029. Or if they need to spend spend £175 per week on childcare and their combined income is under £40k, they might receive the childcare element of working tax credits, but only if both of them worked 16 hours per week somewhere.
Simple enough? Not really. With all the different dates, different income definitions and different thresholds, it's certainly not child's play!