Over one million households across the UK receiving Tax Credits will get the second half of the cost of living payment from HM Revenue and Customs (HMRC) this week.
According to the government, eligible people should expect to receive £324 between Wednesday, November 23, and Wednesday, November 30. It comes after those receiving the DWP cost of living payment will meet the deadline this Wednesday.
HMRC have stated that the payments are being made separately from the DWP payments to help avoid any overlapping or multiple payments being made by accident. The automatic and tax-free payments will land in eligible people's bank accounts so people will not need to apply for cash.
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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.”
Who is eligible for the Tax Credits cost of living payment
In order to be considered for the second cost of living payment, you must have either received or later receive for any day between August 26, 2022 to September 25, 2022 either:
- A payment of Tax Credits for the tax year 2022 to 2023
- An annual award of at least £26 of Tax Credits for the tax year 2022 to 2023
HMRC have highlighted that if you receive both Child Tax Credit and Working Tax Credit, you will only receive a cost of living payment for the Child Tax Credit. Furthermore, if you get Tax Credits from HMRC as well as a low-income benefit from the DWP, then you will only receive a cost of living payment from the DWP - this should be made between November 8 and 23.
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