HM Revenue and Customs (HMRC) recently confirmed that it issued payments of £326 to more than one million people on Tax Credits during the first week of September as part of the UK Government’s £37 billion cost of living financial support package.
Dates for the second payment, worth £324, have still to be confirmed, but are due “from winter 2022”. However, in a new update from the Department for Work and Pensions (DWP), which announced that means-tested benefit claimants will receive their second payment next month, it also indicated that Tax Credits claimants will get their money soon after those payments have been made.
DWP will pay eligible claimants between November 8 and 23, and said that people currently receiving Working Tax Credits or Child Tax Credits, can expect to receive £324 “shortly after people on the low income DWP benefits have been paid”.
The payments of £324 will be made automatically to eligible Tax Credits-only customers, so there’s no need to apply for the extra financial support.
Eligibility for £324 Tax Credits-only cost of living payment
Remember, this will not be paid until after DWP has completed making its payments between November 8 and 23.
You will be eligible for the second cost of living payment of £324 if you received, or later receive, for any day in the period 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
If you 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 DWP, you will get a cost of living payment from DWP only.
If you 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.
Your payment might come later, for example if you are awarded a qualifying benefit at a later date or you change the account your benefit or tax credits are paid into.
You will still be paid the cost of living payment automatically and do not need to contact DWP or HMRC.
You can read the full cost of living payment guidance on GOV.UK here.
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