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07.03.2024 - 15:39 / manchestereveningnews.co.uk
Thousands of families could receive a financial boost following a Child Benefit policy change.
Chancellor Jeremy Hunt announced reforms this week that directly affect households with parents who earn between £50,000 and £80,000 a year.
Currently, child benefit is only paid in full to households where no parent earns over £50,000. Once either parent starts to earn over this amount, they have to pay the high income tax charge, which amounts to 1 per cent of the Child Benefit for every £100 of income earned above £50,000 a year.
Read more: How much HMRC Child Benefit rises in April as rule change means thousands more parents eligible
That means once the highest salary in your household goes over £60,000 a year you are required to repay all of the Child Benefit as a tax charge, usually through a self-assessment in the January after the end of the tax year. The high income tax charge has been criticised as unfair because a couple who both earn £49,000 (a joint income of £98,000) keep the full amount of Child Benefit, while a single parent household earning £60,000 receives nothing after paying back the tax charge.
Under the new plans announced by the chancellor on Wednesday, the threshold will be raised from £50,000 to £60,000. That means any household where the highest earner is paid less than £60,000 will receive the full amount of Child Benefit.
Once your salary goes over £60,000 you will start to incur the tax charge but it will increase at a lower rate, meaning your salary will have to be over £80,000 before the tax charge wipes out the full amount of Child Benefit, and it will no longer be worth claiming.
It is expected that 170,000 households will no longer pay the High Income Benefit Charge due to the change in the
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