You are here: Home - Household Bills - News -

HMRC says 270,000 opted out of child benefit

Written by:
Some 270,000 people have decided to opt out of receiving child benefit following changes to eligibility rules, according to the latest figures.
HMRC says 270,000 opted out of child benefit

Her Majesty’s Revenue & Customs (HMRC) said there was a late surge of around 80,000 during the weekend before the rule-change deadline.

Families with one parent with a taxable income of more than £50,000 will lose some of the benefit, while it will be withdrawn entirely if one parent earns above £60,000.

The benefit will be recovered through a tax charge –  the High Income Child Benefit Charge – unless individuals opted out before 7 January.

The government estimates it will save £1.5bn a year as a result of the changes.

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Everything you need to know about the pension triple lock

Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week