HM Revenue and Customs (HMRC) has confirmed when those receiving tax credits can expect their second cost of living payment.
Households who receive tax credits and no other means-tested benefits will get the second cost of living payment in November, HMRC, have confirmed. Payments for £324 are expected to land in bank accounts between Wednesday November 23 and November 30 2022.
This £324 UK Government payment marks the second installment of the cost of living payment and will be paid automatically into most eligible Tax Credit-only customers’ bank accounts - there is no need to apply. If you receive an email, text or phone call telling you that you need to claim the one-off payment, it is a scam.
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As the Daily Record reports, Angela MacDonald, HMRC’s Deputy Chief Executive and Second Permanent Secretary, said: “This second Cost of Living Payment will provide further financial support to eligible tax credit-only claimants across the UK. The £324 will be paid automatically into bank accounts, so people don't need to do anything to receive this extra help.”
Eligibility for £324 Tax Credits-only cost of living payment
The payment will be issued to eligible bank accounts between November 23 and 30.
Those eligible for the second £324 payment will have received or later received a payment for any day between August 26 to September 25 2022 for the tax year 2022 to 2023, or an annual award of at least £26 of Tax Credits for the tax year 2022 to 2023.
For those who get both Child Tax Credit and Working Tax Credit, you will receive a cost of living payment for Child Tax Credit only.
If you get Tax Credits from HMRC and a low income benefit from the Department for Work and Pensions (DWP), you will get a cost of living payment from DWP only. Meanwhile, those who had a joint claim between August 26 and September 25, 2022, a single payment of £324 will be sent using the same payment method used between these dates, if you’re eligible.
If you are awarded a qualifying benefit at a later date or you change the account your benefit or tax credits are paid into, the cost of living payment may be delayed and sent to your bank account later.
The UK Government recently announced that households receiving DWP means-tested benefits will get their second cost of living payment from November 8 continuing through to November 23. To avoid duplicate payments, HMRC is making payments shortly after DWP.
Full details of the cost of living payments can be found on the GOV.UK website here.
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