Exact date millions of people will receive £300 cost of living payment

19 September 2023 , 23:01

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The next cost of living payment will be paid from October 31 to November 19 (Image: Getty Images)

The exact date millions of people will receive a £300 cost of living payment has been confirmed.

The money will be paid between October 31 and November 19 to people claiming means-tested benefits from the Department for Work and Pensions (DWP). For those claiming HMRC Tax Credits only, they will be paid between November 10 and November 19. Around eight million people will be entitled to the payment.

You need to have been entitled to a payment for a qualifying benefit between August 18 and September 17 to be eligible for this payment. This is the same for both DWP and HMRC benefit claimants.

The money will be sent out automatically and directly to recipients, meaning those eligible do not need to apply or take any action to receive it. It will be paid into the bank account where you normally receive your benefits, and the payment reference will be your National Insurance Number followed by "DWP COL" or "HMRC COLSD".

For joint Tax Credits claimants, where one claimant receives Working Tax Credit and the other claimant receives Child Tax Credit, payments will be made into the same bank account as the Child Tax Credit. This is the second of three cost of living payments, totalling £900, being paid throughout 2023 and 2024.

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The third and final payment will be worth £299 and is set to be paid in the spring of next year. The first instalment was worth £301 and was paid in April and May this year. To be eligible for the next cost of living payment, you will need to be claiming one of these means-tested benefits:

• Income-based Jobseeker’s Allowance
• Income-related Employment and Support Allowance
• Income Support
• Pension Credit
• Tax Credits (Child Tax Credit and Working Tax Credit)
• Universal Credit
• Child Tax Credit
• Working Tax Credit

Mel Stride, secretary of state for work and pensions, said: “The best way we can boost bank balances is by bearing down on inflation, but as we get there, we are ensuring the most vulnerable households are cushioned from high prices with a further Cost of Living payment. Alongside this, thousands of Work Coaches across the country are helping find work, increase their hours and boost their skills. I encourage anyone who wants to progress their career and strengthen their finances to visit their local Jobcentre to find out what help is available.”

The DWP has also urged older Brits to check whether they were eligible to claim Pension Credit, which can be backdated and could therefore make you eligible for the cost of living payment. You can backdate Pension Credit by three months. As well as potentially biomining eligible for the £300 payment, you will also be able to claim the final payment of £299 in the spring of next year.

Jeremy Hunt, chancellor of the exchequer, added: "Halving inflation and getting price rises under control is the best way to support households struggling with their bills. But it is also right that we are helping the most vulnerable in our society, and this latest Cost of Living payment is part of a package of support worth £3,300 per household on average over this year and last to help those struggling the most."

Ruby Flanagan