Child benefit rates are expected to change next month.
The benefit is paid every four weeks, either on a Monday or a Tuesday. It is a payment made to those responsible for raising a child under the age of 16 or a young person under the age of 20, if the latter is still in full-time education or certain approved training, said the Daily recording.
Although there is no limit to the number of children a parent or guardian can claim, the additional income is also a means-tested benefit. This means that any income below £50,000 and savings does not affect how much a person receives and you do not need to have paid National Insurance contributions for it. ‘to obtain.
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HM Revenue and Customs (HMRC) have recently confirmed changes to Child Benefit and Guardian’s Allowance payments from 11 April 2022 which are detailed below.
Rate of payment of family allowances for 2022/23
There are two rates of family allowances.
Current rates per week
- Senior or only child – £21.15
- Additional children – £14.00
New weekly rates – from April 2022
- Senior or only child – £21.80
- Additional children – £14.45
How much is the increase?
This is an increase of 65p and 45p per week respectively and means the new four-week regular payments will be £87.20 for an eldest or only child and £56.00 for any additional child.
In the next financial year, this means parents will receive an additional £33.80 and £23.40 respectively.
Fees for guardianship allowance from April
The new weekly rate of Guardian’s Allowance will be £18.55, an increase of 55p from the current rate of £18.00 for 2021/22.
How are family allowances and guardianship allowance paid?
Payments arrive every four weeks on a Monday or Tuesday and the applicant will also be rewarded National insurance credits which can count towards their state pension.
At what age do family allowances stop?
Child benefit can be claimed for any child under 16 or under 20 if they are in approved education or training.
What if your situation changes?
Any change in circumstances that may affect an applicant’s eligibility should be reported to the family allowances office immediately.
What else do you want to know
There is no limit to the number of children for whom an application can be made, but only one person can receive child benefit.
HMRC also announced the new allowances for in-work tax credits and child tax credits – see the new threshold rates on GOV.UK here.
How does income affect family allowances?
Anyone can apply for Child Benefit if they are responsible for a child, but income can affect payments.
If the claimant or their partner earns more than £50,000 a year, they will have to repay part of the child benefit as income tax.
One per cent of Child Benefit will have to be repaid for every £100 earned over £50,000 each year.
If more than £60,000 is earned in a year, any Child Benefit claimed will need to be repaid.
It is possible to stop or restart an application at any time and free support is available for anyone who needs help with their application.
For more information on Child Benefit, visit GOV.UK, here.
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