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A million households are set to obtain a £301 price of dwelling cost between April and Might, HMRC has confirmed.
The cost will probably be made to those that declare tax credit from HMRC and no different Division for Work and Pensions (DWP) advantages.
It’s the first of three price of dwelling funds Tax Credit score claimants will obtain, totalling as much as £900 general for these eligible in 2023-24.
The primary installment will probably be paid mechanically into most financial institution accounts between Might 2 and Might 9.
For claimants of any means-tested DWP advantages, the primary cost will probably be paid a bit of earlier between April 25 and Might 17.
In the meantime, claimants of Baby Tax Credit score or Working Tax Credit score have to be eligible for funds, or later discovered eligible, through the “qualifying week” – between January 26 to February 25 2023, and the cost will present as “HMRC COLS” in your financial institution accounts.
If you’re already eligible, you don’t want to use for the funds.
Two extra cost-of-living funds of £299 and £300 are due within the spring of 2024. The precise dates of the funds and the qualifying interval haven’t but been introduced.
All the price of dwelling funds will probably be tax-free, don’t rely in the direction of the profit cap, and won’t have any influence on current profit awards.
The funds are a part of a bundle of wider authorities assist introduced to sort out the cost-of-living in 2023-24, together with an additional £300 cost-of-living cost for eligible households in autumn 2023, with a cost of £299 in spring 2024.
Angela MacDonald, HMRC’s deputy chief govt and second everlasting secretary, mentioned: “The £301 price of dwelling Cost will ship very important monetary assist to eligible tax credit score prospects throughout the UK. Additional assist will probably be paid in autumn 2023 and spring 2024 to these entitled to cost.
“HMRC can pay eligible tax credit score prospects mechanically and with no motion required from the shopper, to make this as easy and useful as it will probably presumably be.”
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