When both my children were at primary school, we used to take them out of school a week before they break-up, because as one commented here, a week before the holiday, cost could be £1000 cheaper. We use to offer to take school work with us but the teachers said there's no need.
On principle, we really don't want to take our kids off school at term time, especially in the middle or beginning of term. I know that when I was at school, when I'm off for a couple of days, I feel lost when I get back. There were topics that my classmates knew that I didn't have a clue. It used to take me a few days to catch up.
Now that my eldest is at high school, we don't try to take them out of school for just a normal holiday.