People earning less than £80,000 per year are being urged to claim a HMRC benefit worth up to £3,094 per year.
Child Benefit provides support to parents and carers with the cost of raising their children and high earners are warned to make sure they aren’t missing out on payments.
The benefit, which is paid by His Majesty’s Revenue and Customs (HMRC), entitles you to an allowance for each child you have under the age of 16, or under 20 if they stay in education or training.
As an added bonus, it also provides you National Insurance credits towards your State Pension and a National Insurance number for your child.
If you’re eligible for the payment you’ll get £25.60 per week for one child, amounting to £1,331.20 over the course of a year.
For each additional child you’ll get £16.95 per week, meaning the annual total for two children is £2,212.60 per year. Meanwhile parents with three children will get £3,094 per year.
As of April 6, 2024, the maximum earning amount to receive any Child Benefit is £80,000, although if your income is more than £60,000 per year you may have to pay the High Income Child Benefit Charge.
HMRC has issued an important reminder for people to check their eligibility for the benefit and urged high earners not to miss out.
In a post on X, it said: “Opted out of Child Benefit payments and earn under £80k? You could be missing out on financial support. The amount you or your partner can earn before you start paying the High Income Child Benefit charge is now £60k. Opt back in today.”
If you or your partner earn £60,000 or less per year then you can claim the full amount of Child Benefit if the child lives with you, or if you’re paying the same weekly amount as the benefit towards looking after them. Only one parent or carer can claim it so you can decide between yourselves who gets it.
The weekly rates are also due to increase from April this year after Labour confirmed in the October budget that most benefits will go up by 1.7%, including Child Benefit.
As such, from April the weekly rate will rise to £26.05 per week for the eldest or only child and £17.25 for any additional children. It means the benefit will be worth £1,354.60 per year for one child from April 2025, £2,236 for two children and £3,117.40 for three children per year.
You can claim Child Benefit 48 hours after you’ve registered the birth of your child, or once a child comes to live with you and it can be backdated for up to three months.