Important Update: Child Benefit Income Threshold Increased - Act by End of June!

The government has announced a significant change to the Child Benefit rules, potentially benefiting families who were previously ineligible due to their income level.

Effective from April 6th, 2024, the High Income Child Benefit Charge (HICBC) threshold has been raised from £50,000 to £60,000. This means that if your adjusted net income is below £60,000, you may now be eligible to receive at least a partial Child Benefit payment.

The HICBC is a tax charge applied to recipients of Child Benefit or their partners with an adjusted net income above the threshold. The charge is tapered, increasing gradually for those with income between £60,000 and £80,000. If your income exceeds £80,000, the charge is equal to the full Child Benefit award.

Even if you opt out of receiving payments, claiming Child Benefit can help protect your entitlement to State Pension and other benefits, as well as ensure your child is automatically issued a National Insurance number.

Claims can only be backdated for up to three months from the date of application, so act quickly by the end of June 2024 to secure your entitlement. Contact our office immediately for more information and assistance with the claim process. Don't miss out on this opportunity to receive the Child Benefit you may now be entitled to.

If you would like assistance, please contact our dedicated tax advisers on 01932 830664  or email  enquiries@wardwilliams.co.uk