Around 1.1 million claimant families receiving tax credits will get their first Cost of Living Payment from Friday 2nd September 2022, HM Revenue and Customs (HMRC) has confirmed. This includes
Around 18,300 Isle of Wight families will be eligible for the payment.
This £326 government payment will be paid automatically into eligible tax credit-only customers’ bank accounts between 2nd and 7th September 2022. The first HMRC payments will total around £360 million.
Angela MacDonald, HMRC’s Deputy Chief Executive and Second Permanent Secretary, said,
“This first Cost of Living Payment will provide vital financial support for eligible tax credit-only claimants across the UK. A second payment will be made to eligible customers from the winter.
“The money will be paid automatically into bank accounts, so people don’t need to do anything to get this extra help.”
These latest payments mean that more than eight million eligible households in receipt of a means-tested benefit will have received the first of two automatic Cost of Living payments of £326 from 14 July.
Second payment
The second means-tested payment of £324 will be issued later this year – from the autumn for DWP benefit claimants, and from the winter for tax credit-only customers.
Tax credit claimants who also receive benefits from the Department for Work and Pensions will have already received their first Cost of Living Payment from July 2022.
Other support
As well as the Cost of Living Payment, other government support includes:
- £400 discount from the Government to help with the cost of energy bills from October onwards
- £150 council tax rebate for council tax bands A-D in England
- £300 Pensioner Cost of Living Payment that will be paid alongside Winter Fuel Payments
- £150 Disability Cost of Living Payment from 20 September for those receiving an eligible UK disability benefit.
The Government is offering help for households. Customers should check GOV.UK to find out what cost of living support they could be eligible for.
A list of all the types of support (inc for those on Pension Credit and the Pensioner Cost of Living Payment) can be found on the Government Website.
News shared by HMRC in their own words. Ed
Image: TaxRebate.org.uk under CC BY 2.0
