12 February 2024 , 08:54
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Millions of people have started to receive the third and final £299 cost of living payment - but don't panic if the money hasn't landed in your bank account yet.
If you claim benefits from the Department for Work and Pensions (DWP) then the cash may not arrive until February 22. Those who claim Tax Credits only from HMRC aren't due to receive the cost of living payment until February 16 at the earliest. The latest it will arrive for HMRC is also February 22.
You may also get the money at a later date if you later put in a claim for benefits and your award is backdated to the qualifying period. To get the £299 cost of living payment, you have to have been in receipt of one of these benefits between November 13 and December 12 last year:
- Universal Credit
- Income-based Jobseeker's Allowance
- Income-related Employment and Support Allowance
- Income Support
- Working Tax Credit
- Child Tax Credit
- Pension Credit
For example, you can backdate Pension Credit by three months and the deadline to do this, and be entitled to the £299 cost of living payment, is by March 5. If you haven't received the cost of living payment by February 23, and you believe you're already eligible, then you'll be able to report the missing money on GOV.UK from this date.
The cost of living payment is being made automatically to eligible households - so you won't need to apply for it. It will show in your bank account as your National Insurance Number followed by DWP COL. The HMRC payment reference will be HMRC COLS. These payments are not taxable and will not affect the benefits or tax credits you get.
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Mel Stride, Secretary of State for Work and Pensions, said: “The economy has turned a corner, and with inflation falling we are providing millions of the most vulnerable households with another significant cash boost. Our fair approach to welfare is underpinned by a belief that the best way to secure long-term financial security is through work. This is why we have cut taxes for over 27 million working people and have launched a £2.5bn Back to Work Plan to help thousands more people off benefits and into jobs.”
Chancellor Jeremy Hunt said: “Our decisive action helped to more than halve inflation last year while building the foundations for long-term growth through sensible tax cuts, which will help people’s money go further. But the legacy of Covid and the ongoing Ukraine war has meant the last few years have been tough for many, which is why we’ve provided one of the largest support schemes in Europe worth £3,700 for the average household.”