It is merely a way for schools to make money. The 60 fine is a lot less than the difference in the price of a holiday in term compared to out of term.
It is accepted that children attending around 90-95% of the time is perfectly acceptable, i mean children are going to be ill in these times.
This method was brought in for truant, if a child is persistently absent. The attendance drops below 80% a fine is issued, if the child starts attending for 1 week after the issue. the fine is dropped. However one weeks holiday lands you with an immediate fine that doesn't go away after regular attendance. So a family holiday is worse than truancy.