HMRC sending £104 into UK bank accounts today
UK households claiming Child Benefit are set to receive a financial boost this month due to new payment rates, with some expected to receive their funds as early as Friday (May 23). Child Benefit is distributed by His Majesty's Revenue and Customs (HMRC) to qualifying parents or guardians responsible for a child under 16, or under 20 if they remain in approved education or training.
Only one person can claim the benefit for a child, but there is no limit on the number of children you can claim for. The scheme provides an allowance for each child, paid every four weeks, and also grants National Insurance credits that contribute towards your State Pension.
Child Benefit rates were increased in April at the beginning of the new tax year, resulting in slightly higher monthly payments for claimants. Under the revised rates, recipients will receive £26.05 per week for one child - equating to £1,354.60 annually - and each additional child gets £17.25 per week.
Therefore, families with two children will receive £2,251.60 per annum, while those with three children will receive £3,148 annually. However, there is no upper limit - aside from the Benefit Cap - meaning families with four, five or more children could receive even more than £3,148, with an extra £897 allocated for each additional child.
Child Benefit, paid by HMRC, typically lands in parents' accounts every four weeks on a Monday or Tuesday. Families with one child receive £104.20 each month, while parents of additional children receive £69 monthly, reports the Express.
However, payment dates are adjusted when they fall on a bank holiday. For money-saving tips,
HMRC said: "Child Benefit is usually paid every 4 weeks on a Monday or Tuesday. There are different payment dates if it's due on a bank holiday."
"You can work out when you're next going to get Child Benefit by counting 4 weeks forward from your last payment. Do not count forward if your payment was due on a bank holiday - the dates are different."
Additionally, HMRC cautions: "Your payment might be delayed if the bank is closed for a public holiday on the day HM Revenue and Customs (HMRC) pays you. Check with your bank for the date you'll get your payment."
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