Around 840,000 tax credit recipients will begin receiving the latest £300 cost of living payment from today.
HM Revenue and Customs (HMRC) is making the payments to eligible tax credits customers across the UK between November 10 and 19.
In addition, more than 7 million eligible UK households are receiving £300 directly from the Department for Work and Pensions (DWP) between 31 October and 19 November 2023.
It is the second of three payments, totalling £900, across the 2023/24 tax year.
Angela MacDonald, HMRC’s Deputy Chief Executive and Second Permanent Secretary, said: “The £300 Cost of Living Payment will deliver further financial support to eligible tax credits customers across the UK. Another payment will be made by spring 2024 to those entitled to receive it.
“HMRC customers will receive the payment automatically, with no action required from them, to make this as simple as possible.”
Chief Secretary to the Treasury, John Glen, added: “I know Christmas can be a difficult time, which is why this £300 payment will come as a welcome boost for hundreds of thousands of families. But the best help we can give is halving inflation this year.”
People on Tax Credits do not need to do anything to receive a payment.
If they are eligible, payment will be made automatically into the bank account where they receive their tax credits. They do not need to contact HMRC or apply for the payment.
The HMRC payment will appear on bank statements as ‘HMRC COLS’, referencing Cost of Living Support.
If customers have not received the Cost of Living Payment from HMRC, but believe they are eligible, they should wait until after 20 November before contacting HMRC.
This is to allow time for their bank, building society or credit union to process the payment.
DWP £300 cost of living payment eligibility
To be eligible for the latest cost-of-living payment from the DWP, someone needs to have been entitled to a payment for a qualifying benefit between August 18 and September 17, or a payment for an assessment period, ending between these dates.
From HMRC, they need to have received a payment of tax credits for any day between August 18 and September 17.
There are several benefits that could make claimants eligible for the cost of living payment, including Universal Credit and tax credits – through which 5.4 million households across the UK are expected to qualify, and Pension Credit, through which 1.4m pensioner households are expected to be paid while 1.3m will be eligible through legacy DWP benefits such as Jobseekers Allowance and Income Support, reaching a total of 8.1m households.
Eligible individuals do not need to apply for payments, as they are made automatically. Those eligible for cost of living payments through tax credits, and no other means-tested benefits, will be paid by HMRC shortly after DWP payments are made.
DWP cost of living payment dates 23/24
The exact payment dates are yet to be announced by the DWP, but this is when to expect each individual payment over the next year:
- Second cost of living payment - £300 – October 31 to November 19
- Pensioner payment - £300 – Winter 2023
- Third cost of living payment - £299 – Spring 2024
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel