People on Tax Credits due £299 cost of living payment from end of this week
12.02.2024 - 09:05
Hundreds of thousands of households in receipt of Tax Credits and no other qualifying benefits will receive the final cost of living payment worth £299 between February 16 and 22, 2024. HM Revenue and Customs (HMRC) is making the payments automatically to eligible Tax Credits claimants, so there’s no need for anyone to apply.
Since February 6, some 6.4 million eligible people across the Great Britain have received the £299 payment directly from the Department for Work and Pensions (DWP).These payments will continue until February 22, so if the money hasn’t arrived yet, there’s no need to worry, if you are eligible and meet the qualifying criteria, it should arrive by that date.
However, a small proportion of automated payments may fail - for example, if the customer has closed or changed their bank account - but DWP and HMRC have robust processes in place to ensure that all eligible claimants will receive their payments, with manual workarounds in place if necessary.
For Tax Credits-only customers to be eligible for the £299 cost of living payment, they must have received a payment of Tax Credits in respect of any day in the period November 13, 2023 to December 12, 2023, or later be paid in respect of any day in this period.
The payments are tax-free, will not count towards the benefit cap, and will not have any impact on existing benefit awards.
The money will be paid into the account where the benefit is usually paid and appear as ‘HMRC COLS’, along with the claimant’s National Insurance number.
If you’re getting both Child Tax Credit and Working Tax Credit, you will receive a cost of living payment for Child Tax Credit only, which will be paid by HMRC.
If you’re getting tax credits from HMRC and a low income benefit