HMRC has confirmed that a £301 cost of living payments has begun to land in accounts today (Tuesday May 2). One million households will receive the government lump-sum, which is paid automatically into their bank accounts.
People can expect the money to arrive from today until Tuesday May 9. It is the first of three cost of living payments totalling up to £900 for more than eight million families this financial year.
To be eligible, families must receive only tax credits and no other benefit. They must also have received a payment of tax credits any day between 26 January to 25 February this year, or later be found to have been entitled to a payment for this period.
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Eligible customers do not need to apply or contact HMRC to receive the payment. 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.
If households believe they are eligible for the payment but did not receive it, HMRC is advising them to wait until May 16. This allows time for their bank, building society or credit union to process the payment.
If the payment has not arrived by that date, households should then contact HMRC.
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.
A further £300 instalment for eligible families is due in autumn 2023 and a final payment of £299 will be delivered in spring 2024.
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