About our Child Benefit news
Latest news on Child Benefit rates, eligibility, and the High Income Child Benefit Charge (HICBC) threshold changes for 2024, affecting millions of UK families.
Child Benefit is a vital financial support for families across the United Kingdom, with millions of households relying on these payments to help cover the costs of raising children. From 6 April 2024, Child Benefit rates will increase, with families receiving up to £1,331 a year for the first or only child and £881 a year for each additional child.
The increase in Child Benefit rates is automatic for existing claimants, with payments made directly into their bank accounts. New claimants are encouraged to apply online or using the HMRC app, with the possibility of receiving their first payment within three days. Additionally, the High Income Child Benefit Charge (HICBC) threshold has been raised from £50,000 to £60,000, meaning that families where the highest earner has a salary of up to £60,000 a year will no longer be subject to the charge.
The changes to Child Benefit rates and the HICBC threshold are expected to have a significant impact on families across the UK. According to Chief Secretary to the Treasury, Laura Trott, these measures will end the unfairness in the child benefit system, with 170,000 families no longer having to pay back child benefit and nearly half a million families saving an average of around £1,300 next year.
The increase in Child Benefit rates and the adjustment of the HICBC threshold come at a time when many families are feeling the pressures of the rising cost of living, due in part to the legacy of the pandemic and the ongoing war in Ukraine. These changes are part of the government's efforts to provide further support to parents and help grow the economy.
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