HMRC confirms £299 cost of living payments for 700,000 people on Tax Credits due over next week

dailyrecord.co.uk:

HM Revenue and Customs (HMRC) has confirmed that around 700,000 people on Tax Credits and no other qualifying benefit have started to receive the final cost of living payment of £299.

Payments will be made automatically on weekdays between February 16 and 22, 2024. For Tax Credits-only customers to be eligible for the £299 cost of living payment, they must have received a payment of Tax Credits in respect of any day in the period November 13, 2023 to December 12, 2023, or later be paid in respect of any day in this period.

The payments are tax-free, will not count towards the benefit cap, and will not have any impact on existing benefit awards. The money will be paid into the account where the benefit is usually paid and appear as ‘HMRC COLS’ , along with the claimant’s National Insurance number.

If you’re getting both Child Tax Credit and Working Tax Credit, you will receive a cost of living payment for Child Tax Credit only.If you’re getting Tax Credits from HMRC and a low income benefit from the Department for Work and Pensions (DWP), you cannot get a cost of living payment from both - you will usually be paid by DWP only.Since February 6, some 7.6 million eligible people across the Great Britain have received the £299 payment directly from the DWP.