Around 840,000 families, who receive tax credits and no other qualifying benefits, will receive their £300 autumn Cost of Living Payment from today (Friday), to help with everyday costs.
HM Revenue and Customs (HMRC) is making the payments to eligible tax credits customers across the UK between 10th and 19th November 2023.
£300 DWP cash too
In addition, more than seven million eligible UK households are receiving £300 directly from the Department for Work and Pensions (DWP) between 31st October and 19th November 2023.
This is the second 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 to 2024.
Glen: The best help we can give is halving inflation
Chief Secretary to the Treasury, John Glen, said,
“I know Christmas can be a difficult time, which is why this £300 payment will come as a welcome boost for hundreds of thousands of families. But the best help we can give is halving inflation this year.”
MacDonald: Another payment will be made by spring 2024
Angela MacDonald, HMRC’s Deputy Chief Executive and Second Permanent Secretary, said,
“The £300 Cost of Living Payment will deliver further financial support to eligible tax credits customers across the UK. Another payment will be made by spring 2024 to those entitled to receive it.
“HMRC customers will receive the payment automatically, with no action required from them, to make this as simple as possible.”
Cost of Living Support
The payment from HMRC to tax credits customers will appear on bank statements as ‘HMRC COLS’, referencing Cost of Living Support. Those receiving the payment from DWP will see the payment reference as their National Insurance number followed by ‘DWP COL’.
If customers have not received the Cost of Living Payment from HMRC between the published payment dates, but believe they are eligible, they should wait until after 20th November to contact us. This is to allow time for their bank, building society or credit union to process the payment.
Must meet individual eligibility criteria
Receiving a previous Cost of Living Payment does not guarantee customers will get a future one. Customers must meet the individual eligibility criteria for each payment, as published on GOV.UK.
Payment from HMRC will be made automatically into the bank account where eligible customers receive their tax credits. They do not need to do anything to receive a payment. They do not need to contact HMRC or apply for the payment.
Winter Fuel Payment
Pensioner households will also receive £300 which will be paid as a top up to those eligible for the Winter Fuel Payment in November and December. Combined with the one-off Cost of Living Disability Payment earlier this year, some households will receive £1,350 in total.
Customers should beware of scams targeting Cost of Living Payments. If someone contacts them about this payment saying they are from HMRC or DWP, it might be a scam.
People can check advice on spotting scams by visiting GOV.UK and searching ‘HMRC phishing and scams’. They can also check on GOV.UK that any contact is genuinely from HMRC.
News shared by Lisa on behalf of HMRC. Ed
