Households all across the country will soon receive their first Cost of Living payment of the year from HM Revenue and Customs (HMRC).
While more than 4 million have already received the £301 support payment, those who solely claim Tax Credits and no other benefits have had to wait longer. According to HMRC, around one million households should expect to receive the payment from Tuesday, May 2.
This will be the same amount of cash from the Cost of Living payment that millions of other have been receiving since the start of the week, however, this will be rolled out by HMRC, instead of the Department for Work and Pensions (DWP). Tax Credit claimants should keep an eye on their bank account as the payment will come attached with the reference HMRC COLS.
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For claimants be considered eligible for the payment, claimants must have received a payment of tax credits in the qualifying period between January 26, 2023, and February 25, 2023 - or must have later to be found eligible for a payment.
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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