No, you cannot take your child out of school during term-time unless there are exceptional circumstances.
A 'low-cost holiday' is not an exceptional circumstance.
If you believe your circumstances are exceptional, you should submit an application for leave of absence to the head teacher of your child's school. Applications should be made as far in advance as possible. It is the school's decision as to whether or not your circumstances are to be considered exceptional.
There is more information in the Holidays in term time (PDF, 629kb) leaflet.
If you take your child out of school without the school's permission it will be recorded as unauthorised absence.
Fines are £60 for each child and are issued to each parent. The fines must be paid within 21 days of being issued otherwise the fines will double and will need to be paid within 28 days of being issued. See the Factsheet: Penalty notices to address poor attendance at school (PDF, 254kb) for more information.