More money will be paid out to parents in Child Benefit in May and payments will be made early too.
The month of May begins tomorrow, and it brings with it a host of changes for parents who claim Child Benefit. And it’s good news for parents, for once.
If you are due a payment on Monday, 6 May, you will instead receive it on Friday, 3 May. If you should be paid on Monday 27 May, you will get it in advance on Friday, 24 May. The High-Income Child Benefit Charge is a rule which which means anyone earning over a certain amount has to pay some of their Child Benefit back in tax.
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Increase in Child Benefit and High Income Child Benefit Charge announcedParents across the country will now see an increase in support following an uprate in benefits and payments for the new tax year. HM Revenue and Customs (HMRC) Introduced new rates for Child Benefit on Saturday, April 6 after the government previously confirmed a range of benefits would rise by 6.7 per cent in line with inflation. Meanwhile, the High Income Child Benefit Charge (HIBC) has also been increased. The threshold income for when one parent claiming the benefit has to begin paying it back has been increased from £50,000 to £60,000. Because of this, around 170,000 families will not have to pay back Child Benefit, according to Laura Trott, Chief Secretary of the Treasury.
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Changes to Child Benefit and High Income Child Benefit ChargeParents claiming Child Benefit will see a number of changes take place this week. From the start of the new tax year on Saturday, April 6, Child Benefit will see higher rates alongside many other benefits across the country. Meanwhile, a change to the High Income Child Benefit Charge will see more fairness for more than 100,000 families.
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Exact benefit payment dates for May – including Universal Credit and Child BenefitMany UK families will see a change to benefit payments in May – including those who claim Universal Credit, Child Benefit and more.
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HMRC Child Benefit message after April changes to benefitHMRC has confirmed that families with one child will now receive £1,331 per year through Child Benefits
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Millions of parents to benefit from increased Child Benefit paymentsHM Revenue and Customs (HMRC) has confirmed that millions of parents will benefit from increased Child Benefit payments from later this week - worth an extra £83.20 a year for families with one child. Child Benefit claimed for additional children is also increasing, going up by £54.60 per year, with no limit on the number of children that can be claimed for. All of these changes will come into effect from April 6. This means that families will receive an annual payment of up to £1331 for their first child, and up to £881 for every child after that. Increases in payments are added on automatically, so parents should see the benefits boost when it lands in their bank accounts.
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4 cost of living changes coming in May – including Child Benefit and Universal Credit changesEverything you need to know about the money changes coming next month from benefits payments to interest rates
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