Those eligible will start to receive Cost of Living Payments

Those entitled to tax credits, an estimated 700,000 families, will be starting to receive their Cost of Living Payment to help with everyday costs.

Those who qualify for this additional help will receive their £299 Cost of Living Payment by the 23^rd of February 2024.

This is the third of three payments totalling up to £900 for those eligible and on means-tested benefits, such as Universal Credit, Pension Credit, or tax credits, in 2023/24 and comes as part of the government’s £104 billion cost of living support package.

These payments are tax-free, will not count towards the benefit cap, and will not have any impact on existing benefit awards.

Myrtle Lloyd, HMRC Director General for Customer Services, said, “The £299 Cost of Living Payment will deliver further financial support to eligible tax credit customers across the UK.

“To make things as simple as possible, the payment is made automatically with no action required from HMRC’s customers.”

To find out more about contracting please contact Zeeshan on 01206 591 000 or email zeeshan.anwar@contractorumbrella.com.