The Government has increased the High Income Child Benefit Charge threshold from £50,000 to £60,000 from 6 April 2024, as announced in the Chancellor's Budget statement. The effect of this is that 170,000 families will be taken out of paying this tax charge, and it benefits 485,000 families in total. Plans have also been announced to end the unfairness on single-earner families in the Child Benefit system, by administering the charge on a household basis by 2026.
HM Revenue and Customs have launched a campaign to target those who have either not claimed at all, or previously opted out of payments if they earn above £50,000. This is to make sure parents and carers know what they're entitled to, and is being done through parenting platforms such as Bounty and Emma's Diary. To check your eligibility and status, please contact your childcare provider or check online: www.gov.uk/child-benefit/how-to-claim.
I know that this will be of huge help to many of the hard-working parents in Mid Worcestershire, and comes with the further cut in National Insurance that was also announced by the Chancellor.
