HMRC has confirmed when all three Cost of Living payments - worth £900 - will land in bank accounts this year.
Earlier this month the Department for Work and Pensions (DWP) has said people claiming means-tested benefits will receive the money between April 25 and May 17. This is be the first of three DWP cost of living payments set to be issued to help with rising bills, totalling up to £900.
Those who receive just Working Tax Credit or Child Tax Credit - so no DWP benefits - are also eligible for the £301. And this first payment is due to arrive between May 2 and May 9
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HMRC has also confirmed a further £300 will be sent to eligible claimants in autumn 2023, and a final £299 payment in spring 2024.
The government department said it has written to all Tax Credit customers with information about the Cost of Living Payments for 2023-24. Letters should arrive by April 24, it said.
All Cost of Living payments will be tax-free, will not count towards the benefit cap, and will not have any impact on existing benefit awards.
The HMRC payment will appear on bank statements as ‘HMRC COLS’, referencing Cost of Living Support. If customers have not received the Cost of Living Payment from HMRC, but believe they are eligible, they should wait until after May 16 to contact HMRC, so as to allow time for their bank, building society or credit union to process the payment.
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