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Families with one parent with a taxable income of more than £50,000 will lose some of the benefit, while it will be withdrawn entirely if one parent earns above £60,000.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