Reforms announced by Chancellor Jeremy Hunt in this year's Budget will mean that thousands of Nottinghamshire families get an extra £2,000 per year. Parents of children under the age of 16 can look forward to a cash boost after a shake-up to the Government's policy on Child Benefit payments.
In the 2024/25 tax year starting from April 6, it will increase to £1,331 for the first child and £881 for additional children. Currently, child benefit is only paid in full to households where no parent earns over £50,000. The new change means that the lower limit will now be £60,000, not £50,000. It means there is no tax on the money for anyone earning under £60,000.
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