HMRC giving almost one million households £300 cost of living cash from today
Around 840,000 families claiming Tax Credits fromHMRC will start to receive the £300 cost of living payment from today.
Households that claim HMRC Tax Credits only will see the cash arrive in their bank accounts between November 10 and November 19. The money has already started to be sent to those claiming certain Department for Work and Pension (DWP) benefits, with payments for these people having kicked off from October 31.
Around eight million people in total will receive the cost of living cash. To get the £300, you need to be claiming one of the following benefits during the qualifying period:
Income-based Jobseeker’s Allowance
Income-related Employment and Support Allowance
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Income Support
Pension Credit
Tax Credits (Child Tax Credit and Working Tax Credit)
Universal Credit
Child Tax Credit
Working Tax Credit
You need to have been entitled to a payment between August 18 and September 17, or entitled to a payment for an assessment period ending between these dates. You may later qualify for the £300 payment if you start to claim benefits and they're backdated to the times mentioned above.
But the DWP has said that those receiving a Universal Credit "nil award" - so £0 - during the qualifying period won't get the free cash. You won't need to apply for the money, as it will be sent to all eligible people automatically.
The payment reference will be your National Insurance Number followed by "DWP COL" or "HMRC COLSD". This is the second of three instalments of cost of living help being given to those on means-tested benefits, totalling £900 altogether.
The first cost of living payment was worth £301 and was paid in April and May this year, while the third and final payment will be worth £299 and is set to be paid in the spring of next year. These payments are tax-free, will not count towards the benefit cap, and will not have any impact on existing benefit awards.
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If you're not entitled to the £300 payment, you may be able to receive up to cost of living help if you're in a pensioner household. The Winter Fuel Payment is normally worth up to £300, depending on your living arrangements and circumstances, but the Government is adding an extra £300 pensioner cost of living payment on top to help with rising bills.
Chief Secretary to the Treasury, John Glen, said: “I know Christmas can be a difficult time, which is why this £300 payment will come as a welcome boost for hundreds of thousands of families. But the best help we can give is halving inflation this year.”
Angela MacDonald, HMRC Deputy Chief Executive and Second Permanent Secretary, said: “The £300 Cost of Living Payment will deliver further financial support to eligible tax credits customers across the UK. Another payment will be made by spring 2024 to those entitled to receive it. HMRC customers will receive the payment automatically, with no action required from them, to make this as simple as possible.”
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