Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

HMRC confirms increase in Child Benefit payments from April

HMRC

These current rates of child benefit will rise by 3.1 percent from April 2022 for the year through to April 2023

Millions of parents across the UK who get Child Benefits will see their payments increase from April this year.

There are two child benefit rates, one for the eldest child and another for further children – and currently parents receive £21.15 a week for their eldest child or their only child and £14 a week for a subsequent child.

These current rates of child benefit will rise by 3.1 percent from April 2022 for the year through to April 2023, reports the Express.

HMRC have confirmed that for the first child, or only child, parents can expect to receive £21.80 a week and for a subsequent child, they will receive £14.45 a week.

Per year, that works out at an extra £33.80 and £23.40 respectively for each rate.

Child benefit payments are usually sent out every four weeks but single parents on other benefits can get it on a weekly basis.

The post-pandemic surge in energy bills and food prices continue to rise, with predictions that bills will increase by up to 50% this April. Meanwhile, child benefits payments are expected to increase by 3.1%, working out to a rise of less than £1 a week.

The support can also be claimed for a child under 20 if they stay in approved education or training.

To be considered responsible for a child, someone will need to live with them or be paying at least the same amount as child benefit rates to look after them – for example on food, clothes or pocket money.

People won’t be able to get the full amount of child benefit if they earn over £50,000 and they will get nothing at all if they earn over £60,000.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.