The £301 cost of living payment is being made to one million eligible claimant families who receive tax credits, and no other means-tested benefits, from Tuesday (May 2). The payments - scheduled to be paid to eligible claimants until May 9 - will land automatically into the bank account where customers receive their tax credits.
If tax credit customers believe they are eligible but do not receive a £301 payment between the published payment dates, they should wait until May 16 to contact HMRC. This is to allow time for their bank, building society or credit union to process the payment.
Receiving a previous Cost of Living Payment does not guarantee customers will receive a future one. Customers must meet the individual eligibility criteria for each payment.
Read more: DWP PIP and DLA claimants issued monthly cost of living warning
This is the same cost of living cash payment that millions of others have been receiving since Tuesday last week. However, this is being rolled out by HMRC, instead of the Department for Work and Pensions (DWP).
According to DWP, Tax Credit claimants get their £301 payment after those on DWP benefits to avoid double payments being made, reports the Mirror Online.
The £301 payment is the first of three cost of living payments totalling £900 which will be paid over the next 12 months. The next two payments, worth £299 and £300, will be made in the Autumn and in the Spring of next year.
Dates for the second and third payments have not yet been announced.
More information about the cost of living payment for claimants receiving tax credits:
- The payment will show as ‘HMRC COLS’ in customers’ bank and building society accounts, so that they know the money is cost of living support from HMRC.
- Eligible customers do not need to apply or contact HMRC to receive the payment.
- For tax credit-only customers to be eligible for the £301 Cost of Living Payment, they must have received a payment of tax credits in respect of any day in the period January 26 to February 25, 2023, or later be found to have been entitled to a payment for this period.
- The latest payment schedule information is available here.
- This is the first of three Cost of Living Payments totalling up to £900 for more than 8 million eligible families in 2023-24. Payment windows and eligibility dates for the remaining payments will be announced in due course.
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