A £299 cost of living boost will land in the bank accounts of about 700,000 households from Friday. This payout is given to recipient families or individuals who get tax credits but no other added benefits. The money movers are HM Revenue and Customs (HMRC), dishing out cash to those deserving in all parts of the UK from February 16 and 22, 2024.
More than seven million households have already pocketed the payment right from the Department for Work and Pensions (DWP). They made sure homes had extra money between February 6 and 22.
It’s not just a onetime thing. It’s actually one payment of three in the year 2023/24, adding up to a fab £900 for those on benefits checked by income. Those include universal credit and pension credit.
When you check your bank balance, look for “HMRC COLS”. That’s how the deposit from HMRC shows up. It refers to cost of living support.
If you’re getting the deposit from DWP, it will be under your national insurance number with “DWP COL” after.
The best part? These payments don’t affect any benefits you’ve got now. They’re tax-free, don’t count in the benefits cap, and won’t change any benefits you’ve already been given.
Myrtle Lloyd, big boss of customer services at HMRC, explained: “The £299 cost of living payment will deliver further financial support to eligible tax credits customers across the UK. To make things as simple as possible, the payment is made automatically with no action required from HMRC’s customers.”
If you haven’t received your expected payment from HMRC between the scheduled dates and believe you should have, HMRC advises waiting until after February 23 to contact them. This allows time for your bank or building society to process the payment.
Also, be on the lookout for scams targeting those expecting a payment. If someone contacts you claiming to be from HMRC or DWP, it could be a scam.
Remember, these payments are automatic, so there’s no need to apply for them.
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