Millions across the country will soon see the first Cost of Living Payment landing into their accounts from tomorrow (April 25).
However, if you receive Tax Credit payment from HM Revenue and Customs (HMRC), then you may have to wait a bit longer. According to HMRC, roughly one million households who receive Tax Credits alone will begin to receive the first payment of £301 from Tuesday, May 2.
This will be the same payment that those receiving payments from the Department for Work and Pensions (DWP) will begin receiving tomorrow and is part of the £900 payment being spread across 2023/24. Tax Credit claimants have been urged to keep an eye on their bank accounts as the payment will come with the reference HMRC COLS.
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In order to be 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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