The latest roll-out of cost of living payments is about to begin. Households across the country will soon begin to see payments land in their bank accounts with one million families set to receive £301 cost of living payment between April and May, HMRC has confirmed.
Nottinghamshire Live sister publication, Devon Live wrote that families are eligible if they claim tax credits from HMRC and no other Department for Work and Pensions (DWP) benefits, according to The Independent. The £301 will be automatically paid into most bank accounts between 2 May and 9 May for those eligible.
This will be the first of three cost of living payments tax credit claimants will receive, totalling up to £900 between 2023-24. The second and third payment are due in Spring 2024.
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For claimants of any means-tested DWP benefits, the first payment will be paid a little earlier between April 25 and May 17. Claimants of Child Tax Credit or Working Tax Credit must be eligible, or later found eligible for payments during the 'qualifying week' - January 26 - February 25 2023.
These payments will show as 'HMRC COLS' in your bank account. If you are already eligible you do not have to apply for the payments.
The second and third cost of living payments are worth £299 and £300. They are due in Spring 2024 but the exact dates of the payments and their qualifying periods are yet to be announced. All of the cost of living payments will be tax free, do not count towards the benefit cap and will not impact any existing benefit awards.
These payments are part of a wider government support scheme to help families during the Cost of Living. They include a further £300 payment for eligible families in Autumn 2023 and a £299 payment in Spring 2024.
Angela MacDonald, HMRC’s deputy chief executive and second permanent secretary, said: “The £301 cost of living Payment will deliver vital financial help to eligible tax credit customers across the UK. Further support will be paid in autumn 2023 and spring 2024 to those entitled to payment.
“HMRC will pay eligible tax credit customers automatically and with no action required from the customer, to make this as simple and helpful as it can possibly be.”
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