Child benefit is set to change
HIGH-EARNING child benefit recipients across Yorkshire have a month to decide whether to stop receiving the benefit or to pay a charge on it through self-assessment.
The High Income Child Benefit Charge (HICBC) starts on January 7, and will affect taxpayers with income of more than £50,000.
HMRC chief executive Lin Homer said: “More than 680,000 people have already looked at information on our website that explains the changes and what steps those affected can take. It is really easy to use and will help families come to a decision.”
The new charge will apply when a taxpayer or their partner’s income is more than £50,000 in a tax year, and if they or their partner receives Child Benefit.
For those with income of more than £60,000, the tax charge is 100 per cent of the amount of Child Benefit. If income is between £50,000 and £60,000, the charge is gradually increased to 100 per cent of the Child Benefit.
Those affected will need to decide whether to keep receiving Child Benefit and pay the tax charge through Self Assessment, or to stop receiving Child Benefit and not pay the new charge.
If their income is between £50,000 and £60,000, the tax charge will always be less than the amount of Child Benefit, so they could lose money to which they are entitled if they opt to stop receiving Child Benefit.
Go to www.hmrc.gov.uk/childbenefitcharge website.
Email to a friend
Print this page
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Goole
Wednesday 19 June 2013
Today
Sunny spells
Temperature: 10 C to 22 C
Wind Speed: 10 mph
Wind direction: North west
Tomorrow
Light rain
Temperature: 11 C to 17 C
Wind Speed: 10 mph
Wind direction: East
