Criteria you must meet to get cost-of-living payment in your bank account this year
Millions of households across the UK are set to receive a cost-of-living payment from the government in the coming months; here's how to tell if you're eligible.
The second cost-of-living payment comes after the Department for Work and Pensions (DWP) issued its first benefit across April and May in an effort to help Brits with increased costs.
Though the UK has received some positive economic news in recent weeks, including a welcome decrease in food prices and a rise in wage increases, core inflation remains unchanged at 6.9 percent, forcing Brits to continue tightening the purse strings.
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Between 31 October and 19 November, millions of households will receive £300 from DWP as the latest instalment of the three payments which will total up to £900.
Tax credits-only customers who do not qualify for a payment from DWP will receive £300 from HMRC between 10 and 19 November 2023.
You do not need to apply for the payment or contact the Government to receive it, but you do need to meet certain criteria.
In order to receive the upcoming payment, you need to have been entitled to a payment for a qualifying benefit between 18 August 2023 and 17 September 2023, or payment for an assessment period ending between these dates.
Qualifying benefits include:
- Universal Credit
- Income-based Jobseekers Allowance
- Income-related Employment and Support Allowance
- Income Support
- Working Tax Credit
- Child Tax Credit
- Pension Credit
In order to receive the payment from HMRC, you need to have received a payment of tax credits for any day in the period between 18 August 2023 and 17 September 2023.
The government adds that those on DWP benefits other than Universal Credit who are entitled to less than 10 pence and meet all other qualifying criteria, but who do not receive a benefit payment, will still receive a cost-of-living payment.
As well as the cost-of-living payment, more than eight million pensioner households will also receive another £300 payment later this year in addition to the Winter Fuel Payment.
Jeremy Hunt, Chancellor of the Exchequer, has praised the payment for helping those who are struggling amid rising costs.
He commented: "Halving inflation and getting price rises under control is the best way to support households struggling with their bills.
"But it is also right that we are helping the most vulnerable in our society, and this latest Cost of Living payment is part of a package of support worth £3,300 per household on average over this year and last to help those struggling the most."
The third cost-of-living payment is due in Spring 2024.
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Emily Brown