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Today, the last round of cost of living payments will be distributed to numerous households, totaling in the hundreds of thousands.
Approximately 700,000 households that are eligible for tax credits but do not receive any other qualifying benefits will be given a £299 payment for cost of living on Friday.
Between February 16 and 22, 2024, HM Revenue and Customs (HMRC) will be distributing payments to eligible customers who receive tax credits in the United Kingdom.
Over seven million qualified households in the UK have already been given a £299 payment from the Department for Work and Pensions (DWP). The DWP is distributing payments from February 6 to 22.
This is the final of three installments in the 2023/24 period, amounting to a maximum of £900 for individuals who meet the criteria and are receiving means-tested benefits, such as universal credit and pension credit.
If you receive tax credits from HMRC and a low income benefit from DWP, you are not eligible for a Cost of Living Payment from both organizations. Typically, you will only receive payment from DWP.
How to file a report for a payment missing from cost of living. You may submit a report if you believe you should have received one of the listed payments, but it is not visible in your bank, building society, or credit union account. The majority of individuals will pay £301 during the period of 25 April 2023 to 17 May 2023. Most people will be paid £300 between October 31 and November 19, 2023. The majority of individuals will receive a Disability Cost of Living Payment of £150, which will be paid out from 20 June 2023 to 4 July 2023. The £299 Cost of Living Payment, available to those with low income benefits, will be distributed from 6 February to 22 February 2024. If you do not receive it during this period, you can report it missing starting from 23 February 2024. You will require your National Insurance number.
Payments from HMRC will appear on bank statements as “HMRC COLS”, referring to cost of living support. As payments are automatic, there is no need to apply for them.
Recipients of DWP payments will notice that their payment reference includes their national insurance number and the abbreviation “DWP COL”.
The payments are exempt from taxes, will not contribute to the benefit limit, and will not affect current benefit benefits.
Approximately 700,000 households that are eligible for tax credits but not other qualifying benefits will receive a £299 payment on Friday to assist with the cost of living.
Myrtle Lloyd, HMRC director general for customer services, said: “The £299 cost of living payment will deliver further financial support to eligible tax credits customers across the UK. To make things as simple as possible, the payment is made automatically with no action required from HMRC’s customers.”
What other advantages does winter offer?
During the winter months, there are three primary support programs for individuals affected by cold weather.
Cold Weather Payments
At the beginning of the year, a period of very cold weather led to numerous postcodes becoming eligible for the Cold Weather Payment. If you reside in a location where the temperature has been at or below zero for seven or more consecutive days, you can receive £25 for each seven-day period of cold. In Scotland, this program has recently been substituted with the Winter Heating Payment.
Warm Home Discount
If you have a low income and face high energy expenses, you may be eligible for a single payment of £150 to assist with your bills. You will also qualify if you receive the Guarantee Credit portion of Pension Credit. The discounted amount should be reflected on your energy bills from October 2023 to March 2024. The process may vary for individuals in Scotland.
If you are possibly eligible, a letter will be sent to you in January 2024. If you do not receive it, please reach out to the DWP by 29 February 2024.
Winter Fuel Payment
You are eligible for this benefit if you are a resident of the UK and above the state pension age of 66 years old. The discount provides assistance of £250 to £600 towards your heating expenses. If you already receive a state pension or other benefits, no application is necessary. However, if you do not receive these benefits, you may need to apply.
The discounted amount should have been automatically deposited into your account during October or November.
According to HMRC, if individuals have not yet received their expected payment between the scheduled dates and believe they qualify, they should wait until at least February 23 before contacting them. This is to give their financial institution enough time to process the payment.
This information is from the independent.co.uk website.
