The Department for Work and Pensions has revealed the exact date the first cost of living payment of 2023 will be made after previously saying it would be 'spring'. The payment of £301 is the first of three to be made to millions of people across the UK this year.
The money will appear in the bank accounts of people who claim certain benefits, including Universal Credit, Jobseekers Allowance, Employment and Support Allowance, Income Support, Working Tax Credit, Child Tax Credit and Pension credit.
The payment will show in your account as DWP COLP with your National Insurance number. The next two payments will come in autumn and then towards the start of 2024.
Eight million homes are eligible for the cash. The £301 will be paid between April 25 and Mat 17 for most people on DWP benefits. Mel Stride, secretary of state for Work and Pensions, said: “These payments will give a financial boost to more than eight million households as we continue to wrap our arms around the most vulnerable, while the best way we can protect people from high costs is to halve inflation by the end of this year."
If you get tax credits, and no other low income benefits, you’ll get your Cost of Living Payment from HMRC shortly after DWP payments begin, if you’re eligible.
If you’re getting both Child Tax Credit and Working Tax Credit, you will receive a Cost of Living Payment for Child Tax Credit only, which will be paid by HMRC.
If you’re getting tax credits from HMRC and a low income benefit from DWP, you cannot get a Cost of Living Payment from both HMRC and DWP. You will usually be paid by DWP only.
Your payment might come later, for example if you’re awarded a qualifying benefit at a later date or you change the account your benefit or tax credits are paid into. You will still be paid the Cost of Living Payment automatically.
If you have received a Cost of Living Payment, but we later find that you were not eligible for it, you may have to pay it back.
More payments will also be made later this year for pensioners and people with disabilities.
£301 Cost of Living Payment eligibility
Universal Credit
You are eligible for the first Cost of Living Payment of £301 if you were entitled to a payment (or later found to be entitled to a payment) of Universal Credit for an assessment period that ended in the period 26 January 2023 to 25 February 2023.
Income-based JSA, income-based ESA, Income Support and Pension Credit
You are eligible for the first Cost of Living Payment of £301 if you were entitled to a payment (or later found to be entitled to a payment) of income-based JSA, income-related ESA, Income Support or Pension Credit for any day in the period 26 January 2023 to 25 February 2023.
You are also eligible if you are entitled to one of these benefits for any day during this period but you do not receive a benefit payment because your entitlement is between 1 penny and 9 pence.
Tax credits
You are eligible for the first Cost of Living Payment of £301 if you received a payment of tax credits for any day in the period 26 January 2023 to 25 February 2023, or you are later found to have been entitled to a payment for this period.
