170,000 more parents to get Child Benefit – from next month

Child Benefit is to rise next month and hundreds of thousands of parents are set to benefit from an extra change that’s due at the same time. As well as a 6.7 rise to Child Benefit rates, Chancellor Jeremy Hunt will also put an end to a penalty charge for some earners who claim the benefit.In his Spring Budget, the Chancellor revealed the government’s plans to increase the threshold of the High Income Child Benefit Charge from April.

Currently individuals who earn over £50,000 a year and claim the benefit have to pay back 1% of Child Benefit for every £100 earned. What are the HICBC changes? From the new tax year – 6 April 2024 – the threshold at which individuals start paying HICBC is to be increased, from £50,000 to £60,000. But, acknowledging that this was not a ‘quick fix’ he also said he would increase the threshold at which parents have to pay tax on Child Benefit from April 2024.

Around 373,000 people had to pay the charge in 2019-2020. Meanwhile more recent figures show that more than 680,000 people opted out of receiving the benefit to avoid the penalty in August 2022, according to The Guardian.

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