It’s reported that around one million eligible people will receive a cost of living payment next month (May).
The payment of £301 will be a huge support for many struggling with the ongoing crisis, which has seen several bills rise this April, including water bills, energy bills and council tax.
Who will receive the cost of living payment and when might it be paid?
When is the cost of living payment being paid?
The payment will be paid into most customers’ bank accounts between Tuesday May 2 and Tuesday May 9 across the United Kingdom.
This payment will be the first of three payments totalling up to £900 for those eligible in the 2023 to 2024 tax year.
Announcing the forthcoming payments, Chief Secretary to the Treasury, John Glen, said: ‘Higher prices make life difficult for everyone, which is why our priority is to halve inflation this year.
‘But we are also going further to support those struggling most, with a total package of support worth an average of £3,300 per household this year and next – including up to £900 in direct cash payments starting next month for families receiving tax credits.’
Who will receive the payment?
This payment is eligible for any claimant families receiving tax credits.
For tax credit-only customers to be eligible for the £301 Cost of Living Payment, they must have received a payment of tax credits between January 26 and February 25 2023, or later be found to have been entitled to a payment for this period.
How can you apply for the payment?
Eligible customers do not need to apply or contact HMRC to receive the payment.
The payment will go into bank accounts or building societies automatically, and show up as ‘HMRC COLS’, so that they know the money is their cost of living support.
What other support is available?
If you aren’t eligible for this payment, you might be able to get help through other means.
The Department for Work and Pensions (DWP) recently announced that eligible households receiving DWP means-tested benefits will receive their first payment for the 2023 to 2024 tax year between Tuesday, April 25 and Wednesday, May 17.
This includes tax credit claimants who also receive other income-related benefits from DWP.
These benefits include:
- Income-based Jobseeker’s Allowance (JSA)
- Income-related Employment and Support Allowance (ESA)
- Income Support
- Pension Credit
- Universal Credit
- Child Tax Credit
- Working Tax Credit
The payments are part of a package of wider government support announced to tackle the cost of living in the 2023 to 2024 tax year, including:
- a further £300 Cost of Living Payment for eligible families in autumn 2023, with a payment of £299 in spring 2024
- a £150 Disability Cost of Living Payment for eligible disabled people to be paid during summer 2023
- a £300 Pensioner Cost of Living Payment to be paid during winter 2023-24.
Full details are available on the government cost of living payment page,
MORE : Full list of benefits increasing in 2023 – from Universal Credit to pension
MORE : How much state pension will I get from April 2023?
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