Cost of living payment: HMRC confirm exact week £301 cash boost will land for over a million claimants
The HMRC has confirmed the exact week the first cost of living payment will land for over a million people claiming certain benefits - what you need to know.
The HMRC has confirmed the exact week around a million claimants will receive the £301 cost of living payments. For those claiming Tax Credits, the payments should land automatically in most bank accounts between Tuesday, May 2 and Tuesday, May 9.
The dates for this payment are for those who claim Tax Credits from the HMRC, and no other Department for Work and Pensions (DWP) benefits such as Universal Credit. For those claiming means-tested DWP benefits, the first patent will be made between April 25 and May 17.
The payment is the first of three cost of living payments, totalling up to £900. The cash boost aims to help vulnerable people cope with the ongoing cost of living crisis which has seen food and fuel costs skyrocket.
Am I eligible to receive the cost of living payment?
If you are claiming Child Tax Credit or Working Tax Credit, you need to be eligible for the payments or later found eligible during the “qualifying week” which ran from January 26 to February 25 2023.
The payment will show as HMRC COLS in your bank or building society account - the same account in which you normally receive your Tax Credit payments. You don’t need to apply for the payment as long as you’re eligible as the money will be paid automatically.
Angela MacDonald, HMRC’s deputy chief executive and second permanent secretary, said: “The £301 cost of living payment will deliver vital financial help to eligible tax credit customers across the UK. Further support will be paid in autumn 2023 and spring 2023 to those entitled to the payment.”