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Almost one million families set to receive £300 cost-of-living bonus from today

Almost one million families set to receive £300 cost-of-living bonus from today

UK households are set to receive the cash to help with the cost of living

Almost one million families are set to receive a £300 in their bank accounts.

This autumn Cost of Living Payment will be sent to eligible UK households from today (10 November).

Around 840,000 families who receive tax credits and no other qualifying benefits will receive the cash straight into their accounts.

HM Revenue and Customs (HMRC) is making the payments across the UK between today and 19 November.

If you’re eligible, the £300 will go in to the same bank account where you receive your tax credits.

To be eligible for this payment from HMRC, you’ll need to have received a tax credits payment ‘in respect of any day in the period 18 August 2023 to 17 September 2023’.

The payment to tax credits customers will show up on bank statements as ‘HMRC COLS’.

As well as this payment from today, more than seven million eligible UK households are also receiving £300 from the Department fro Work and Pensions (DWP) since 31 October until 19 November.

The cash aims to support families with the cost of living.

That one is the second of three payments totalling up to £900 in Cost of Living Payments.

These are for eligible households and those on means-tested benefits like Universal Credit, Pension Credit or tax credits in 2023 to 2024.

This DWP payment will show up with a payment reference of the person’s National Insurance number followed by ‘DWP COL’.

Chief Secretary to the Treasury, John Glen said: “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.”

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.

The money will automatically land in peoples bank accounts.
Getty stock images

“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.”

All this means, about eight million people in the UK are going to receive some cost of living cash this month.

To qualify for a payment, you need to be claiming one of these during the qualifying period:

· Income-based Jobseeker’s Allowance

· Income-related Employment and Support Allowance

· Income Support

· Pension Credit

· Tax Credits (Child Tax Credit and Working Tax Credit)

· Universal Credit

· Child Tax Credit

· Working Tax Credit

The next Cost of Living payment will be made by spring 2024, with the payment windows and eligibility dates to be announced.

Featured Image Credit: Matt Cardy/Getty Images/Getty Stock Images

Topics: Money, News, UK News, Cost of Living