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Millions to receive £300 cost-of-living payment to their banks this week

Millions to receive £300 cost-of-living payment to their banks this week

People in the UK could be eligible to receive a tax-free £300 payment due to the cost of living crisis.

People in the UK could be eligible to receive a tax-free, £300 payment, due to the cost of living crisis.

Everyone is feeling the strain of the cost-of-living crisis, especially with Christmas just around the corner…nine more Fridays, to be specific.

Well, some people might just be in luck and will receive a tax-free £300 from the government this week.

Those that fit the criteria do not have to do anything to get paid, as it will land in their accounts automatically between October 31 and November 19.

It will land in their accounts automatically between October 31 and November 19.
Christopher Bill on Unsplash

And just so you know what to keep your eyes peeled for, the payment will show up in your bank as your National Insurance number, followed by either DWP COL or HMRC COLS.

Millions of people on the same benefits schemes received a payment of £650 in 2022.

So, who will be eligible? We have all the answers for you right here.

People on certain benefits will obtain the payment, and it might include more than you think.

The full list of benefits it applies to are:

  • Universal Credit
  • Income-based jobseekers allowance
  • Income-related employment and support allowance
  • Income Support
  • Working Tax Credit
  • Child Tax Credit
  • Pension Credit

To receive the payment, you have to have been eligible for one or more of these benefits between August 18 and September 17.

It is reported that 850,000 people in the UK who could be claiming Pension Credit are not doing so, which would make them eligible for this money.

But this isn’t the only payment that people are receiving.

This £300 is the second instalment of a £900 payment, which is being given to people on these benefits.

Millions of people on the same benefits schemes received a payment of £650 in 2022.
Nick Pampoukidis on Unsplash

The first instalment totalled £301 which was issued in Spring this year, and the last instalment which will be £299 will be paid before Spring 2024.

Millions of pensioners are also lined up to receive a Winter Fuel Payment, which could be anywhere up to £600.

If you were born before September 25 1957, in most cases you will be eligible.

This will happen automatically if you receive any of the following:

  • State Pension
  • Pension Credit
  • Attendance Allowance
  • Personal Independence Payment
  • Carers Allowance
  • Disability Living Allowance
  • Income Support
  • Income-related Employment and Support Allowance (ESA)
  • Income-based Jobseeker’s Allowance (JSA)
  • Awards from the War Pensions Scheme
  • Incapacity Benefit
  • Industrial Injuries Disablement Benefit
  • Industrial Death Benefit

Any payments received from this scheme will not impact future benefits.

Featured Image Credit: Getty Stock Images

Topics: Money, Cost of Living, UK News