Millions of families who claim Child Benefit are being warned they could face having to pay some or all of the money back to HMRC.
As of August 2021, almost eight million families were in receipt of the benefit, which currently amounts to a weekly allowance of £21.80 for an eldest child, and £14.45 per week for any additional children.
However hundreds of thousands of parents end up having to pay back some or all of their child benefit every year to HMRC, or end up being slapped with a fine because of an innocent mistake, MyLondon reports.
READ MORE: Tax expert warns of five reasons Child Benefit may be cut and what to do about it
This is because of a "trap" which has been catching families out since a change to the rules around child benefit and taxable income in 2013, reports The Times.
Before January 2013, all families with children were entitled to the HMRC child benefit. But since then, a change to the rules has meant meant that if a parent, or either of two parents, earns more than £50,000 a year of taxable income, they have to pay back some, or all, of their child benefit.
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